Crude Oil Prices Struggle Even As Powell Highlights Strong Recovery

Crude Oil Prices Struggle Even as Powell Highlights Strong Recovery

Source: Bloomberg, DailyFX

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. The 20-day SMA line is about to cross below the 50-day lines, forming a bearish crossover. An immediate support level can be found at 58.30 – the 127.2% Fibonacci extension level.

A “Head and Shoulders” chart pattern is forming on the daily chart, hinting at downside potential. The MACD indicator has formed a bearish cross over and is trending lower, underscoring downward momentum.

WTI Crude Oil Price – Daily Chart

Crude Oil Prices Struggle Even as Powell Highlights Strong Recovery

 

 

 

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