US CRUDE OIL

WTI oil price falls further Thursday and breaks below important Fibo support at $55.60 (38.2% of $50.53/$58.74).
Pullback from $58.74 high (10 Sep) extends after strong fall on Wednesday (oil was down 3.3% for the day) broke below a cluster of daily MA's ($56.33/10 zone) and completed reversal pattern on daily chart, signaling deeper correction.
Near-term sentiment soured on OPEC's downgrade of global oil demand forecasts for 2020 which offset positive signals from strong draw in US crude inventories and Saudi's commitment to stick to production cut agreement.
Fresh bearish extension penetrated daily cloud and tests cloud base ($55.21), break of which would expose 50% retracement of $50.53/$58.74 ascend ($54.64).
Converged 200/55DMA's ($56.31) are forming bear-cross, mark solid resistance, where upticks should be capped to keep fresh bulls in play.

Res: 55.60; 56.31; 56.80; 57.21
Sup: 55.20; 54.82; 54.64; 53.83

Crude Oil

 

Interested in Oil technicals? Check out the key levels

    1. R3 60.23
    2. R2 59.22
    3. R1 57.57
  1. PP 56.56
    1. S1 54.91
    2. S2 53.9
    3. S3 52.25

 

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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