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[Crude Oil]
Although there is potential for a correction indicated by the appearance of a Bearish Divergence on RSI(14), but with the Golden Cross condition between the two EMAs, suggests that #CL has the opportunity to strengthen again.
Key Levels
1. Resistance. 2 : 60.85
2. Resistance. 1 : 60.34
3. Pivot : 59.40
4. Support. 1 : 58.89
5. Support. 2 : 57.95
Tactical Scenario
Positive Reaction Zone: If the price holds above 59.40, there is a possibility #CL will rise toward 60.34.
Momentum Extension Bias: If 60.34 is broken and closes above, Crude Oil could continue strengthening to 60.85.
Invalidation Level / Bias Revision
The upside bias weakens if Crude Oil falls and breaks below 57.95.
Technical Summary
EMA(50) : 59.28
EMA(200): 58.36
RSI(14) : 58.78 + Bearish Divergent
Economic News Release Agenda:
Tonight from the United States the following economic data will be released:
US - NFIB Small Business Index - 18:00 WIB
US - ADP Weekly Employment Change - Tentative
US - Core CPI m/m - 20:30 WIB
US - CPI m/m - 20:30 WIB
US - CPI y/y - 20:30 WIB
US - New Home Sales - 22:00 WIB
US - RCM/TIPP Economic Optimism - Tentative
US - 30-y Bond Auction - 01:01 WIB
US - Federal Budget Balance - 02:00 WIB
US - API Weekly Statistical Bulletin - 04:30 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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