FXstreet.com (Barcelona) - Crude oil prices entered a corrective phase, after strong rally through 93.80/94.35 barriers, whereby peaking at 94.68 yesterday. “A slide below the initial supports of 94.00/93.80, accompanied with 4h chart RSI / MACD bearish divergence, sees risk of stronger easing.” warns Slobodan Drvenica, an analyst at Windsor Brokers Ltd.
According to Drvenica, “Hourly studies in the negative territory, keeping the near-term bears in play, with additional pressure seen on price break below 20-day EMA at 93.47 and 4h chart indicators in descending mode”
Immediate supports lie at 93.00 comes in focus, ahead of the more significant 92.60 zone (Fib 61.8% of 91.50/94.68 rally and 55-day EM) – a loss of which would signal near-term top and open way for stronger reversal towards 92.00, then the 91.50 breakpoint and 200-day MA. At the time of writing, WTI crude has settled in the region of USD $93.17 Friday.
According to Drvenica, “Hourly studies in the negative territory, keeping the near-term bears in play, with additional pressure seen on price break below 20-day EMA at 93.47 and 4h chart indicators in descending mode”
Immediate supports lie at 93.00 comes in focus, ahead of the more significant 92.60 zone (Fib 61.8% of 91.50/94.68 rally and 55-day EM) – a loss of which would signal near-term top and open way for stronger reversal towards 92.00, then the 91.50 breakpoint and 200-day MA. At the time of writing, WTI crude has settled in the region of USD $93.17 Friday.
