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.

1 2
View single page >> |

Disclosure: See the full disclosure for DailyFX here.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.