Crude, having recovered from negative prices, and rallying to 40ish, is not seen to be at clear and present risk of turning over to drop and burn.
Recent price action formed an ascending triangle, and the last week of trading sessions were relatively flat. This lack of commitment and momentum is starting to look suspicious. The MACD has a bearish divergence waiting to equilibrate.
Potential price breakdown below 39.50 is reminisce of a bear trend forming. Currently, warning signs show of a potential breakdown.
34.50 would be the support if scenario plays out.
Recent price action formed an ascending triangle, and the last week of trading sessions were relatively flat. This lack of commitment and momentum is starting to look suspicious. The MACD has a bearish divergence waiting to equilibrate.
Potential price breakdown below 39.50 is reminisce of a bear trend forming. Currently, warning signs show of a potential breakdown.
34.50 would be the support if scenario plays out.
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.