๐ข๏ธ WTI Crude at $78.18 (+1.15%) โ oil is bouncing off support but the bigger picture is still bearish.
Price is below SMA10 ($80.14), SMA20 ($81.82), and SMA50 ($80.47). Today is a green candle, but RSI at 46.7 tells me this is a relief bounce, not a reversal.
๐ Technical Snapshot:
- Trend: Downtrend
- RSI: 46.7 (neutral, not oversold)
- MACD: -0.58 (bearish)
- Volume: 1.1x average (moderate)
- Down 28.1% from 3-month high of $108.66
๐ฏ Key Levels:
Support: $70.44 (critical โ OPEC floor?)
Resistance: $80.47 (SMA50 โ must reclaim)
Oil is caught between OPEC supply management and weakening global demand. The $70-$80 range could be the battleground for weeks.
โก Will oil break $80 or drop to $70? What is your energy trade? ๐
#CrudeOil #Commodities #EnergyTrading
โ ๏ธ Disclaimer: Not financial advice. Commodity trading is highly speculative. Always manage risk and DYOR.
Price is below SMA10 ($80.14), SMA20 ($81.82), and SMA50 ($80.47). Today is a green candle, but RSI at 46.7 tells me this is a relief bounce, not a reversal.
๐ Technical Snapshot:
- Trend: Downtrend
- RSI: 46.7 (neutral, not oversold)
- MACD: -0.58 (bearish)
- Volume: 1.1x average (moderate)
- Down 28.1% from 3-month high of $108.66
๐ฏ Key Levels:
Support: $70.44 (critical โ OPEC floor?)
Resistance: $80.47 (SMA50 โ must reclaim)
Oil is caught between OPEC supply management and weakening global demand. The $70-$80 range could be the battleground for weeks.
โก Will oil break $80 or drop to $70? What is your energy trade? ๐
#CrudeOil #Commodities #EnergyTrading
โ ๏ธ Disclaimer: Not financial advice. Commodity trading is highly speculative. Always manage risk and DYOR.