WTI CRUDE OIL - Plummeted and Profit Booked at $46.60! - 08/29/2017 (GMT)

The West Texas Intermediate crude oil posted a red day yesterday and plunged more than 3.7% meeting our recommended level at $46.60 (see technical analysis here: http://bit.ly/2vECegY). Additionally, on a medium-term basis, the oil is moving lower over the last five weeks and plummeted more than 14% after the pullback on the descending trend line, which is holding since February.

Going to the medium-term timeframe, the price has been developing below the 50-SMA and is again approaching the 100-SMA, which is near the $45.50 barrier. The technical indicators are moving near its mid-levels but fell below them. The MACD oscillator lies slightly below the zero line and the RSI indicator holds below the 50 level.