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US Oil - Poised to break 200-DMA

FX:USOIL   Crude Oil (WTI)
  • Oil’s failure to take out $41.86 (38.2% of Feb low-June high) and a slide to $40.80 despite having bounced off from 200-DMA on Friday suggests the bearish force remains strong and prices could test and actually break below 200-DMA level of $40.47.
  • Such a move would expose $40.00 handle.
  • On the higher side, only a day end closing above $41.86 would signal short-term bearish invalidation.
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