Crude Oil has the potential to weaken today

[Ben Graham]

[Crude Oil]

With both EMAs position converging and moving between the bodies of the candlesticks, it confirms that #CL is in a sideways condition. However, the appearance of a Bearish Divergence on the RSI(14) suggests that #CL has the potential to weaken.

Key Levels

Level-Level Kunci

1. Resistance. 2 : 60.28

2. Resistance. 1 : 59.69

3. Pivot : 59.03

4. Support. 1 : 58.44

5. Support. 2 : 57.78

Tactical Scenario:

Pressure Zone: If the price of #CL breaks down below the level of 59.03, it may continue its decline toward 58.44.

Momentum Extension Bias: If 58.44 is broken, there is potential for Crude Oil to continue weakening down to 57.78.

Invalidation Level/ Bias Revision:

The downside bias is restrained if the price of Crude Oil strengthens and breaks above 60.28.

Technical Summary:

EMA(50) : 59.09

EMA(200): 59.02

RSI(14) : 50.00 + Bearish Divergent

Economic News Release Agenda:

Tonight, the following economic data will be released from the United States:

US - Challenger Job Cuts y/y - 19:30 WIB

US - Unemployment Claims - 20:30 WIB

US - Natural Gas Storage - 22:30 WIB

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