Crude Oil still has the potential to weaken toward its nearest support level Today

[Ben Graham]

[Crude Oil]

With the appearance of a Bearish Divergence, #CL has the potential to weaken toward its nearest support level today.

Key Levels

1. Resistance. 2 : 62.31

2. Resistance. 1 : 61.57

3. Pivot : 60.94

4. Support. 1 : 60.20

5. Support. 2 : 59.57

Tactical Scenario

Pressure Zone: If the price breaks down below 60.20, there is potential of pressure toward 59.57.

Momentum Extension Bias: If 59.57 is broken to the downside, there is potential to test 58.83.

Invalidation Level / Bias Revision

The downside bias is restrained if #CL breaks out and closes above 62.31.

Technical Summary

EMA(50) : 60.73

EMA(200): 60.39

RSI(14) : 36.32 + Bearish Divergent

Economic News Release Agenda:

Tonight the United States will release the following economic data:

US - ADP Weekly Employment Change - Tentative

US - HPI m/m - 21:00 WIB

US - S&P/CS Composite-20 HPI y/y - 21:00 WIB

US - CB Consumer Confidence - 22:00 WIB

US - Richmond Manufacturing Index - 22:00 WIB

US - API Weekly Statistical Bulletin - 04:30 WIB

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