Oil just dropped 3% to $79.93 and it is now closer to its 3-month low than its high. The energy trade is getting dangerous. đ˘ď¸
đ Technical Snapshot:
⢠Price: $79.93 (-2.95%)
⢠Trend: Downtrend â below SMA5 ($84.44) and SMA10 ($84.11)
⢠RSI: 45 â leaning bearish but not oversold yet
⢠Volume: Declining (0.78x) â sellers are not aggressive, buyers are absent
⢠MACD: Still positive but histogram shrinking fast
đ Why It Matters:
Oil is caught between OPEC supply cuts (bullish) and slowing global demand fears (bearish). At $80, we are at the psychological line. If $78.97 (SMA50) breaks, the next stop is $70. If it holds, this could be a bear trap.
đ Key Levels:
⢠Support: $78.97 (SMA50) â $70.44 (structural floor)
⢠Resistance: $84.44 (SMA5) â $91.30 (breakout target)
⢠Critical: A close below $79 = bearish continuation
â Oil at $80 â is this a buying opportunity or the start of a slide to $70? What is your energy thesis? đ
#Oil #Commodities #Trading
â ď¸ Disclaimer: This is not financial advice. Commodities are volatile. Always do your own research.
đ Technical Snapshot:
⢠Price: $79.93 (-2.95%)
⢠Trend: Downtrend â below SMA5 ($84.44) and SMA10 ($84.11)
⢠RSI: 45 â leaning bearish but not oversold yet
⢠Volume: Declining (0.78x) â sellers are not aggressive, buyers are absent
⢠MACD: Still positive but histogram shrinking fast
đ Why It Matters:
Oil is caught between OPEC supply cuts (bullish) and slowing global demand fears (bearish). At $80, we are at the psychological line. If $78.97 (SMA50) breaks, the next stop is $70. If it holds, this could be a bear trap.
đ Key Levels:
⢠Support: $78.97 (SMA50) â $70.44 (structural floor)
⢠Resistance: $84.44 (SMA5) â $91.30 (breakout target)
⢠Critical: A close below $79 = bearish continuation
â Oil at $80 â is this a buying opportunity or the start of a slide to $70? What is your energy thesis? đ
#Oil #Commodities #Trading
â ď¸ Disclaimer: This is not financial advice. Commodities are volatile. Always do your own research.