Technical Breakdown in Oil prices

FX:USOIL   CFDs on Crude Oil (WTI)
WTI Crude Oil has seen a technical break lower, although momentum has not accompanied the later part of the move.

A rising 4-hour channel broke down last Friday, with momentum accelerating to the downside, and a rising trendline from February lows was seen broken during the FOMC Statement on Wednesday.

Retracements in the pair may now be capped by resistance found at the $49.69 price point, reflecting the highest daily close in the fourth quarter of 2015. A secondary level is found at $50.18 representing May highs. The $50.00 price point provides resistance as a psychological level.

The stronger uptrend witnessed from this year's lows dictates a consolidation period may take place prior to a broader decline.


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