Crude Oil (WTI) falls 2.5% in worst decline since July 7
Key Takeaways
Technical Analysis
Yesterday Crude Oil Inventories came in at -10.612M which added some strength to the oil prices. Today we're seeing pretty much a complete reversal of yesterday's gains. Now trading below $40. RSI is confirming the lack of the bullish momentum as it drops below the 50 level. Divergence with RSI and PA is also providing additional downside bias.
Bullish Scenario: A break above the 200SMA could open up some upside growth
Bearish Scenario: PA continues to make lower lows
Regards,
Michael Harding
RISK DISCLAIMER
Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.
- Oil falls 3.54% in worst single day decline since June 11
- Trade below 200 SMA on Daily
- Divergence RSI and PA
Technical Analysis
Yesterday Crude Oil Inventories came in at -10.612M which added some strength to the oil prices. Today we're seeing pretty much a complete reversal of yesterday's gains. Now trading below $40. RSI is confirming the lack of the bullish momentum as it drops below the 50 level. Divergence with RSI and PA is also providing additional downside bias.
Bullish Scenario: A break above the 200SMA could open up some upside growth
Bearish Scenario: PA continues to make lower lows
Regards,
Michael Harding
RISK DISCLAIMER
Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.
Disclaimer
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