Corrective trend continued for crude oil as it lost $0.69 to close at $46.24. Oil is expected to test support at the 50-DMA that stands at $45.53; where a fall below will target $44.28. However, any upside will face resistance at $46.94 (14-DMA). Meanwhile, the RSI and the Stochastic Oscillator are moving down, supporting a negative view.
Corrective trend continued for crude oil as it lost $0.69 to close at $46.24. Oil is expected to test support at the 50-DMA that stands at $45.53; where a fall below will target $44.28. However, any upside will face resistance at $46.94 (14-DMA). Meanwhile, the RSI and the Stochastic Oscillator are moving down, supporting a negative view.