Crude trades at 5,407 per barrel at press time, down 1.76%. Daily chart shows scope for deeper drop.
Negative UTC close today would confirm 14-day RSI bearish divergence.
MACD histogram about to produce bear cross.
OBV has flattened in recent days, contradicting a rising prices. Shows correction is overdue.
Close below 5413 would engulf Friday’s gain.
Trade strategy: Good to sell here or on the rise for target of 5200 with stops above 5520 or can buy 5400 put options
Negative UTC close today would confirm 14-day RSI bearish divergence.
MACD histogram about to produce bear cross.
OBV has flattened in recent days, contradicting a rising prices. Shows correction is overdue.
Close below 5413 would engulf Friday’s gain.
Trade strategy: Good to sell here or on the rise for target of 5200 with stops above 5520 or can buy 5400 put options