WTI trading at $93.17/bbl

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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS