WTI OIL – fresh bearish acceleration probes below 10SMA

Slobodan Drvenica Windsor Brokers

US CRUDE OIL

WTI oil was sharply lower in early US session as strong fall US stock indexes after Wall St opening inflated the dollar.
Fresh weakness probes through pivotal rising 10SMA support ($56.23), generating another bearish signal for reversal which was indicated by overextended daily studies. Close below 10SMA would trigger further easing and extend correction towards $54.53 (Fibo 38.2%/rising 20SMA).
Daily RSI emerged from overbought territory and is heading south, reinforcing negative signal.

Res: 56.75; 57.02; 57.51; 57.90
Sup: 55.82; 55.00; 54.53; 53.88

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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