BLACKBULL:WTI   West Texas Intermediate Crude Oil cash
Crude Oil benchmark WTI broke its previous established support at 81.75 and continued its downtrend through Wednesday after G7 talk for implementing a price cap on Russian supply. The mark cap of 65-70 USD per barrel was higher than the market expected, which elevate some of the fears of supply distribution of the oil . Another positive news for the global oil supply is that Chervon Corp. might expand operations in Venezuela.

Both MACD and RSI technical indicators are confirming the downtrend with MACD histogram below the 0 line and RSI below the 50 neutral line.

If the trend continues the price might try to reach levels of 73.65 or even 70.47 In the opposite scenario, the price might revert and test its resistance at 81.75

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