$CL Crude oil surged up to 106.98, then kept dropping all the way to 94.76. The move broke down on a daily timeframe, signaling a bearish trend. News also came from Saudi Arabia that an export plan has hit obstacles, which is a negative catalyst.
1. Geopolitical negative: The news that Saudi Arabia’s alternative crude oil export route has been blocked continues to intensify. Concerns about supply disruption have eased quickly, and the geopolitical premium in crude oil has been unwound rapidly.
2. Breakdown lower: On the daily chart, price has fallen more than $12 from the 106.98 high. MACD shows a high-level dead cross with green histogram bars expanding, price breaks below the MA7, and rebound momentum has weakened to exhaustion.
WTI crude oil USDT: a breakdown lower from the high, currently at 94.76. On the daily timeframe, MACD remains in a high-level dead cross and RSI is 44.92 (neutral-to-weak). Price has broken below MA7 and is approaching MA25 support.
Direction: Go short
Entry: 95.5-96.3
Take profit: 94.73 - 91.24 - 88.50
Stop loss: 97.5
1. Geopolitical negative: The news that Saudi Arabia’s alternative crude oil export route has been blocked continues to intensify. Concerns about supply disruption have eased quickly, and the geopolitical premium in crude oil has been unwound rapidly.
2. Breakdown lower: On the daily chart, price has fallen more than $12 from the 106.98 high. MACD shows a high-level dead cross with green histogram bars expanding, price breaks below the MA7, and rebound momentum has weakened to exhaustion.
WTI crude oil USDT: a breakdown lower from the high, currently at 94.76. On the daily timeframe, MACD remains in a high-level dead cross and RSI is 44.92 (neutral-to-weak). Price has broken below MA7 and is approaching MA25 support.
Direction: Go short
Entry: 95.5-96.3
Take profit: 94.73 - 91.24 - 88.50
Stop loss: 97.5
