May 24 2018

Crude Oil(NYMEX) – Technical View

Crude Oil(NYMEX):- After a big move towards $72.87 mark, Oil has finally started retracing/correcting from an upward sloping trend-line resistance and we suppose that bears can drive the correction till $66.50-$67.00 range. Bearish divergences are clearly visible on momentum indicators(MACD and RSI) at overbought region- Price action have higher highs while indicators have marked their peaks at almost same level. MACD line has crossed down the Signal line by giving a bearish crossover, RSI(14-day) turned back from overbought area. All applied technical studies are suggesting a decent correction in Crude Oil.