[Video] WTI Crude recent upside momentum has eased off

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  • From a technical analysis perspective, the WTI Crude is still evolving within a “Descending Triangle” range configuration in place since 23 Apr 2019. Interestingly, the on-going rally has stalled right at the range resistance of 56.95 and formed a bearish “Shooting Star” reversal candlestick pattern coupled with a bearish RSI oscillator. 
  • These observations suggest that the recent upside momentum has started to ease off. 
  • Right now, If the 56.95 key short-term pivotal resistance is not surpassed, WTI may see a push down to retest 53.10 before targeting the range support of 50.70. 
  • On the other hand, a break with an hourly close above 56.95 negates the bearish tone for another round of corrective rebound to retest 11 Jul 2019 swing high area of 60.35.
Related tags: Crude Oil Video

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