200 day SMA stopping Crude Oil bullish uptrend
MarketsFN Team
Second consecutive losing session for Crude Oil WTI, after testing testing last Friday the 200 day SMA in area 77.3 $/barrel which was mentioned previously as a key resistance level, as the commodity future is trading at 74.28, down by 1.5%.
At the moment it breached the static support, which before was working as a resistance in area 75.
Without a rebound on the 21 day SMA and 55 day EMA another short term bearish leg is possible, with target 67 and then 65 $/barrel.
In case the 21 day and the 55 day SMA and EMA respectively would offer some support , higher highs and lows would be developed to retest again the 200 day SMA.
Another scenario, the most bullish one, would see a close today above the static support in area 75 to make a proper pullback, and restart with the uptrend.
