WTI Oil Outlook: Rising Concerns about Global Economic Slowdown Keep Oil Price Under Pressure

Technical analysis of Forex market

WTI oil remains in red on Monday, following bearish close last Friday that completed Doji reversal pattern on daily chart. Rising concerns of broadening global slowdown that were sparked by news from Germany on Friday that showed extending contraction of the economy, keep oil prices at the back foot on fears that slowdown will lower oil demand. Fresh easing was also signaled by overbought daily studies and is so far seen as price adjustment before larger bulls continue. Dips cracked 10SMA support ($58.84) and close below would signal extension of corrective phase that would expose next pivotal support at $57.62 (20SMA). Sustained break here would sideline bulls and signal deeper pullback.

Res: 59.13; 59.36; 59.62; 60.05
Sup: 58.27; 57.62; 57.00; 56.75

– advertisement –

Signal2forex reviews