WTI CRUDE OIL - WTI Recorded a Fresh 2-Week Low - 10/26/2016 (GMT)
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- Timeframe : 4H
WTI CRUDE OIL Chart
The West Texas Intermediate (WTI) recorded a fresh 2-week low at $49.37 following the strong pullback from the $51.10 resistance level. The oil is creating the first negative week after five consecutive green weekly sessions as the worries for global supply glut fired following a report showing a surge in U.S. crude stocks. API Weekly Crude Oil stock jumped to 4.8M from a deficit of 3.8M before.
On the short-term timeframe, the price was moving within a rising channel which was violated to the downside during yesterday's session. The technical structure suggests bearish move as it is developing below the strong resistance level at $49.75. The price is moving towards the $48.60 support level and there are no obstacles until the latter barrier. In addition, the oil is developing below the 50-SMA and the 100-SMA while the technical indicators hold near the oversold areas. The MACD oscillator lies below the zero line with strong momentum whilst the RSI indicator lies near the 30 level.
On the short-term timeframe, the price was moving within a rising channel which was violated to the downside during yesterday's session. The technical structure suggests bearish move as it is developing below the strong resistance level at $49.75. The price is moving towards the $48.60 support level and there are no obstacles until the latter barrier. In addition, the oil is developing below the 50-SMA and the 100-SMA while the technical indicators hold near the oversold areas. The MACD oscillator lies below the zero line with strong momentum whilst the RSI indicator lies near the 30 level.
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