Crude Oil rose in Asian trading on Wednesday but gains were limited and U.S. crude traded sideways in advance of the release of official weekly inventory figures later in the day. Technically, Crude oil may be poised for another fall in upcoming session, as it has made bearish engulfing candle stick on weekly chart also making lower top and lower bottom formation from past few trading session.
Technical indicators RSI is showing negative diversion. It is also trading below 200 and resistance of 50 DMA with appearance of dead cross on hourly charts.
On short term trend of Crude Oil bearish on charts f it breaches the support of 45 the support of then it can reach up to next support mark of 44.00. On higher side 45.80 can react as good resistance mark on intraday basis.
Technical indicators RSI is showing negative diversion. It is also trading below 200 and resistance of 50 DMA with appearance of dead cross on hourly charts.
On short term trend of Crude Oil bearish on charts f it breaches the support of 45 the support of then it can reach up to next support mark of 44.00. On higher side 45.80 can react as good resistance mark on intraday basis.