WTI Crude price action reached overextended level currently retesting 200 Day SMA
. Indicators like MACD
are at overbought levels. Support on the downside are located at 93.23 which is 20 period SMA
followed by 90.26 ( 38.2% Fib Retracement from July lows to September highs ) and 87.70-88.49 which are 50 SMA
and 50% Fib Retracement respectively. Resistance on the upside is located at 100, falling trend line
, followed by 105.50. Crude price is extremely exposed to ongoing Geo-Political developments in the Middle East and disruptive weather patterns especially in relation to the Gulf of Mexico region.