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Oil: Break Below 36.00 Is Required To Extend Bearishness

Published 03/10/2016, 04:28 AM
Updated 07/09/2023, 06:31 AM

WTI Crude Oil

RSI started to show some kind of negativity along with bearishness on ADX, and thus, we will be bearish after failing to hit 50% Fibonacci at 38.50.

Oil Chart

On the downside, a break below 36.00 is required to extend the bearishness.

A break below SMA20 at 37.05 will be bearish and risk versus reward ratio becomes good as far as 38.50.

Support: 37.05 – 36.00 – 35.50

Resistance: 38.00 – 38.50 – 39.20

Direction: Bearish correction

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