Light crude
oil or WTI breaks below the 28.00 level and its bearish momentum accelerates.
There are no strong fundamental reasons for oil to rally at the moment, and
that is why when oil tries to rally, it comes back down. The bearish trend is
still in place for crude and if it continues dropping, then the 27.00 level
could act as its next support. To the upside, the most important resistance
level could be the 31.00 zone, where we can also see the 21 day exponential moving
average, yellow line.
Weak fundamentals affected.
ReplyDeleteOil remains in negative territory.
ReplyDeleteGood article.
ReplyDeleteThe price of oil fell 1.75%, which contrasts with the increase of around 1% of Brent, traded in Europe. The explanation for this divergence is related to the perception that the excess of supply and stock levels are higher in the US than in Europe.
ReplyDeleteIt could retrace from this point.
ReplyDeleteIt broke below 27.00 and it will probably continue dropping.
ReplyDeleteInteresting levels to be watchful of, thanks for the info.
ReplyDeleteNicely spotted analysis.
ReplyDeleteVery useful analysis, Thanks for sharing.
ReplyDelete