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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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
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.