Oil (WTI) favored by the bears
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Oil (WTI) didn’t achieve to consolidate its gains above the 200 SMA at H1 chart and around that area, it found dynamic resistance; a move that was confirmed with a double top pattern. The Fibonacci area of 50% and 65% has been providing the enough supply to make a sell-off in the crude and it’s now heading to lower levels.
If the crude oil manages to break below August 17th lows, we can expect further weakness towards -23.6% at 45.57. RSI indicator remains in the negative territory, favoring to the bears.
