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[Crude Oil]
With both EMAs position converging and moving between the bodies of the candlesticks, it confirms that #CL is in a sideways condition. However, the appearance of a Bearish Divergence on the RSI(14) suggests that #CL has the potential to weaken.
Key Levels
Level-Level Kunci
1. Resistance. 2 : 60.28
2. Resistance. 1 : 59.69
3. Pivot : 59.03
4. Support. 1 : 58.44
5. Support. 2 : 57.78
Tactical Scenario:
Pressure Zone: If the price of #CL breaks down below the level of 59.03, it may continue its decline toward 58.44.
Momentum Extension Bias: If 58.44 is broken, there is potential for Crude Oil to continue weakening down to 57.78.
Invalidation Level/ Bias Revision:
The downside bias is restrained if the price of Crude Oil strengthens and breaks above 60.28.
Technical Summary:
EMA(50) : 59.09
EMA(200): 59.02
RSI(14) : 50.00 + Bearish Divergent
Economic News Release Agenda:
Tonight, the following economic data will be released from the United States:
US - Challenger Job Cuts y/y - 19:30 WIB
US - Unemployment Claims - 20:30 WIB
US - Natural Gas Storage - 22:30 WIB
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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