[Crude Oil]
With the appearance of Bullish Divergence on the RSI indicator, there will be potential for limited strengthening on #CL, however, with the condition that the two EMAs are still intersecting the Death Cross, it seems that Sellers are still dominant in #CL.
Key Levels:
1. Resistance. 2 : 60.94
2. Resistance. 1 : 60.08
3. Pivot : 59.46
4. Support. 1 : 58.60
5. Support. 2 : 57.98
Tactical Scenario:
Pressure Zone: If the price breaks down and closes below 58.60, there is potential for #CL to continue its decline to 57.98.
Momentum Extension Bias: If 57.98 is broken and closes above, #CL will test the 57.12 level.
Invalidation Level / Bias Revision:
The downside bias is restrained if the price of #CL strengthens and breaks out to close above 60.94.
Technical Summary:
EMA(50) : 58.43
EMA(200): 59.27
RSI(14) : 44.00 + Bullish Divergent
Economic News Release Agenda:
There are no economic data to be released in the US session today.
