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[Crude Oil]
Crude Oil still has the potential to weaken toward its nearest support level, as it is confirmed by RSI(14) being in the Neutral-Bearish area.
Key Levels
1. Resistance. 2 : 133.44
2. Resistance. 1 : 100.22
3. Pivot : 95.20
4. Support. 1 : 70.98
5. Support. 2 : 56.96
Tactical Scenario
Pressure Zone: If the price remains below 95.20, there is potential pressure toward 70.98.
Momentum Extension Bias: If 70.98 is broken, #CL has the potential to continue its decline to 56.96.
Invalidation Level / Bias Revision
The downside bias is contained if the price strengthens and breaks above 133.44.
Technical Summary
EMA(50) : 92.76
EMA(200): 86.71
RSI(14) : 48.97
Economic News Release Agenda:
Tonight the United States will release the following economic data:
US - NFIB Small Business Index - 17:00 WIB
US - ADP Weekly Employment Change - 19:15 WIB
US - Existing Home Sales - 21:00 WIB
US - API Weekly Statistical Bulletin - 03:00 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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