WTI Crude Oil
Crude Oil entered near-term consolidative phase, following yesterday’s sharp fall that left long red daily candle and offset hopes of recovery extension, signaled by three-day reversal pattern formation. The price found support at 43.85, keeping intact strong supports at 43.59/52, 31 Aug higher low and 50% of 37.75/45.29 rally, reinforced by daily Kijun-sen line. Consolidation is for now limited in narrow range and capped under initial 45.23 barrier, Fibonacci 23.6% of 49.29/43.85 fall.
Limited upside action is seen towards 45.90, former top / Fibonacci 38.2% retracement, as daily slow Stochastic reversed from overbought zone and gives negative signal.
Renewed attempt s lower and violation of 43.85/43.52 supports, may trigger fresh weakness towards 42.75, sideways-moving daily 20SMA, which marks next breakpoint.
Conversely, extension above 45.90 pivot, would sideline downside risk and signal fresh recovery.
Res: 45.13; 45.90; 46.57; 47.21
Sup: 43.85; 43.52; 42.75; 42.16
Crude Oil entered near-term consolidative phase, following yesterday’s sharp fall that left long red daily candle and offset hopes of recovery extension, signaled by three-day reversal pattern formation. The price found support at 43.85, keeping intact strong supports at 43.59/52, 31 Aug higher low and 50% of 37.75/45.29 rally, reinforced by daily Kijun-sen line. Consolidation is for now limited in narrow range and capped under initial 45.23 barrier, Fibonacci 23.6% of 49.29/43.85 fall.
Limited upside action is seen towards 45.90, former top / Fibonacci 38.2% retracement, as daily slow Stochastic reversed from overbought zone and gives negative signal.
Renewed attempt s lower and violation of 43.85/43.52 supports, may trigger fresh weakness towards 42.75, sideways-moving daily 20SMA, which marks next breakpoint.
Conversely, extension above 45.90 pivot, would sideline downside risk and signal fresh recovery.
Res: 45.13; 45.90; 46.57; 47.21
Sup: 43.85; 43.52; 42.75; 42.16
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