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CRUDE OIL
Both EMAs which is forming a Golden Cross and RSI(14) in the Neutral-Bullish level indicate the strengthening condition in #CL, so in the near term there is potential to test the nearest resistance level.
Key Levels
1. Resistance. 2 : 108.87
2. Resistance. 1 : 107.24
3. Pivot : 104.36
4. Support. 1 : 102.73
5. Support. 2 : 99.85
Tactical Scenario
Positive Reaction Zone: If the price breaks out above 107.24, there is a likelihood of a move up toward 108.87.
Momentum Extension Bias: If 108.87 is breached to the upside, #CL may continue toward 111.75.
Invalidation Level / Bias Revision
The upside bias weakens if the price falls below 99.85.
Technical Summary
EMA(50) : 105.11
EMA(200): 102.25
RSI(14) : 67.71
Economic News Release Agenda:
In addition to the first day of the G7 meeting schedule, the United States will release the following economic data:
US - NAHB Housing Market Index - 21:00 WIB
US - TIC Long-Term Purchases - 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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