Crude Oil Prices Outlook: Iranian Nuclear Talks And Viral Resurgence In Focus

WTI Crude Oil Price – Daily Chart

(Click on image to enlarge)

Technically, WTI retreated from the 200% Fibonacci extension level of 66.50 and entered a technical correction. A few large bearish candlesticks point to strong selling pressure and may signal a trend reversal. Prices broke both the 20- and 50-day Simple Moving Average (SMA) lines and are looking at 58.30 (127.2% Fibonacci extension) for support.

A daily close below 58.30 would likely intensify near-term selling pressure and carve a path for the price to test a key support level at 55.22 (the 100% Fibonacci extension). The MACD indicator has formed a bearish cross-over and is trending lower, underscoring downward momentum.

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