WTI - Obious weakness

TVC:USOIL   CFDs on WTI Crude Oil
WTI (1H) - short term bearish bias

The US oil has been inching up along a daily trend line established since early October and the November rally seems to have come to a halt. The bearish RSI divergence was the first sign that the upside momentum had suffered casualties. Yesterday's bounce looks more like a last chance for the longs to take profit. The break of 56.30 along with a bearish MA cross was the confirmation that the crude price was turning south. We expect the aforementioned trend line to be a major support to keep the month-long rally afloat.

Key support: 55.00
Key resistance: 56.90
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