WTI → Oil prices drop as the USD recovers, OPEC cuts
The outlook has turned bearish for the WTI. This is mainly because the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) reside deep in negative territory and as the price is seen below its 20,100 and 200-day Simple Moving Averages (SMA). This indicates that on the shorter and broader scales, the sellers are dominating.
Resistance Levels: $75.00, $76.15 (20-day SMA), $77.00
Support Levels: $72.80, $72.30, $71.00
Resistance Levels: $75.00, $76.15 (20-day SMA), $77.00
Support Levels: $72.80, $72.30, $71.00