Crude Oil - The Strength of Bears and New Buy Opportunity

The interesting market for adding in a watch list. We can see two strong bearish candles which confirmed the continuation of the downtrend. MACD and DMI support the downward movement. RSI also gives a bearish signal, and the line reached the oversold zone.

We have a support zone formed by 60.00 and 58.00 levels, which can stop and reverse the market. The combination of RSI reversal in the oversold zone and a price bouncing from the support zone, it will provide a new buy opportunity.

As the market will have to correct the falling, the reversal signals from the support zone can be used for short or medium term buying based on the daily and lower timeframes. Stop orders must be placed below the local swing low. The main profit target should be placed at the downtrend line.