Crude Oil sell-off stopped by major support [Video]

Olimpiu Tuns Learn 2 Trade

US Oil dropped in the short term but the bearish movement was stopped by the 76.88 - 76.23 support zone. Now it has rebounded a little but the downside pressure remains high. Fundamentally, the Crude Oil could try to rebound as the Crude Oil Inventories came in at -3.7M below -2.6M expected.

Technically, the WTI failed to stay below the channel’s downside line. Now, it has retested the 76.88 support. As long as it stays above 76.88 - 76.23, the price could give birth to a new bullish momentum. Only a valid breakdown and a new lower low activates more declines.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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