Oil (WTI) favored by the bears

Oil (WTI) favored by the bears

Oil (WTI) didn’t achieve to consolidate its gains above the 200 SMA at H1 chart and around that area, it found dynamic resistance; a move that was confirmed with a double top pattern. The Fibonacci area of 50% and 65% has been providing the enough supply to make a sell-off in the crude and it’s now heading to lower levels.

If the crude oil manages to break below August 17th lows, we can expect further weakness towards -23.6% at 45.57. RSI indicator remains in the negative territory, favoring to the bears.

WTI_OilH1.png

oil

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