Crude Oil consolidated between R1 (89.60) & S1 (87.50) after showing substantial correction in the first two sessions of the week, forming a bearish/ inverted flag pattern.
Prices are also retracing after testing the crucial resistance at the fib level 0.50 (91.50)
RSI formed a bearish divergence with the prices, also it is currently falling and entered the selling zone, signaling weakness in prices
Therefore, if prices breach the immediate support S1 (87.50), then lower levels towards the far support zone (S2 = 84.30) could be witnessed.
Key Levels:
* R1: 89.60 R2: 92.50
* S1: 87.50 S2: 84.30
Prices are also retracing after testing the crucial resistance at the fib level 0.50 (91.50)
RSI formed a bearish divergence with the prices, also it is currently falling and entered the selling zone, signaling weakness in prices
Therefore, if prices breach the immediate support S1 (87.50), then lower levels towards the far support zone (S2 = 84.30) could be witnessed.
Key Levels:
* R1: 89.60 R2: 92.50
* S1: 87.50 S2: 84.30
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.