WTI had fallen for 3 consecutive days in Wednesday. The bank crisis is calling banks to deleverage their positions, pulling back on their exposure on oil and causing the price to fall.
International Energy Agency (IEA) is also reporting that the current situation in the oil market is a situation of oversupply, while Russia is looking for buyers for its oil.
The price of WTI broke the support of the rising wedge pattern and continues to drop. Both MACD and RSI indicators are confirming the pattern as well.
If the current scenario continues, the price might reach levels of 62 or even 54.
In the opposite scenario the price might reach levels of 77.5 and pivot into an uptrend.
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International Energy Agency (IEA) is also reporting that the current situation in the oil market is a situation of oversupply, while Russia is looking for buyers for its oil.
The price of WTI broke the support of the rising wedge pattern and continues to drop. Both MACD and RSI indicators are confirming the pattern as well.
If the current scenario continues, the price might reach levels of 62 or even 54.
In the opposite scenario the price might reach levels of 77.5 and pivot into an uptrend.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.