Oil has been in consolidation for the last 3 weeks, ranging in the 58-62 interval.
Oil has RSI bearish divergence on daily chart, and on weekly, RSI is about to turn down.
Since this is supported by a potential rise in US Dollar, oil will likely fall below support at 58$, breaking the 58-62 channel.
Breaking 50 day exponential moving average at 56$ will make oil look for a target at 50-53$ in the next couple of weeks.
If oil fails to break below 58, oil will continue to stay in channel.
See EU related ideas for why is dollar strong.
Edit:
-Added channel
Oil has RSI bearish divergence on daily chart, and on weekly, RSI is about to turn down.
Since this is supported by a potential rise in US Dollar, oil will likely fall below support at 58$, breaking the 58-62 channel.
Breaking 50 day exponential moving average at 56$ will make oil look for a target at 50-53$ in the next couple of weeks.
If oil fails to break below 58, oil will continue to stay in channel.
See EU related ideas for why is dollar strong.
Edit:
-Added channel
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.