Crude Oil Descending Channel Guiding WTI Lower, Where to?
Crude oil prices fell almost 10 percent this week, the worst performance since late March.
A near-term falling channel seems to be guiding WTI lower since June. Meanwhile, a bearish crossover between the 50- and 100-day Simple Moving Average (SMA) is underscoring a bearish posture.
There is certainly room for upside within the channel, with immediate resistance as the 92-95 - 95.11 range. This zone used to hold as support when it was established back in March. Now, it could hold as new resistance.
Immediate support seems to be the 85.38 inflection point.
A confirmatory breakout under this price could open the door to extending losses towards the 78.6% Fibonacci retracement at 76.78.
Otherwise, further gains could see the SMAs hold as resistance.
USOIL
A near-term falling channel seems to be guiding WTI lower since June. Meanwhile, a bearish crossover between the 50- and 100-day Simple Moving Average (SMA) is underscoring a bearish posture.
There is certainly room for upside within the channel, with immediate resistance as the 92-95 - 95.11 range. This zone used to hold as support when it was established back in March. Now, it could hold as new resistance.
Immediate support seems to be the 85.38 inflection point.
A confirmatory breakout under this price could open the door to extending losses towards the 78.6% Fibonacci retracement at 76.78.
Otherwise, further gains could see the SMAs hold as resistance.
USOIL
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