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Crude Oil Fails Again To Stabilize

Published 07/16/2015, 06:05 AM
Updated 07/09/2023, 06:31 AM

Oil failed again to stabilize above 50% Fibonacci at 53.35, and failed to clear the sideways range with a breakout above 53.80.

Crude Oil 4 Hour Chart

It moved bearishly to gain below moving averages, while ADX becomes negative. In the interim, RSI turned bearish; however, a break below 61.8% Fibonacci at 51.15 is required to keep the negativity valid.

Ultimately, a break below 51.15 will threaten 50.50 support.

Support: 51.15 – 50.50 – 50.00

Resistance: 52.40 – 53.35 – 53.80

Direction: Bearish below 51.00.

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