Despite the potential for a retracement upward in Crude Oil, the overall bias appears to be weakening, indicating that sellers

[Ben Graham]

[Crude Oil]

With the appearance of Bullish Divergence on the RSI indicator, there will be potential for limited strengthening on #CL, however, with the condition that the two EMAs are still intersecting the Death Cross, it seems that Sellers are still dominant in #CL.

Key Levels:

1. Resistance. 2 : 60.94

2. Resistance. 1 : 60.08

3. Pivot : 59.46

4. Support. 1 : 58.60

5. Support. 2 : 57.98

Tactical Scenario:

Pressure Zone: If the price breaks down and closes below 58.60, there is potential for #CL to continue its decline to 57.98.

Momentum Extension Bias: If 57.98 is broken and closes above, #CL will test the 57.12 level.

Invalidation Level / Bias Revision:

The downside bias is restrained if the price of #CL strengthens and breaks out to close above 60.94.

Technical Summary:

EMA(50) : 58.43

EMA(200): 59.27

RSI(14) : 44.00 + Bullish Divergent

Economic News Release Agenda:

There are no economic data to be released in the US session today.

The material has been provided by InstaForex Company - www.instaforex.com