The price action has erased the rising trendline and closed below the 100MAs. The oil price down nearly 10% having the last week low at 61.60. The parallel support level exists at 61.00$ its 38.2% fib reaction (44.23$-71.35$ rally) is this week’s pivotal level. Global risk appetite is the key to the near-term oil price momentum.
The daily RSI lies at nearly oversold level 28.00 but the oscillator remains bearish.
A move below 61.00$ could open to 60.00$ and 59.50$
The daily RSI lies at nearly oversold level 28.00 but the oscillator remains bearish.
A move below 61.00$ could open to 60.00$ and 59.50$