Quarterly Outlook
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Technical Update - Crude oil back to Q2 levels. Bearish trend close to exhaustion
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: Following the sell-off in Crude oil prices are back in the Q2 consolidation area. The bearish trend could be close exhaustion
WTI Crude oil sell-off have found support at the upper part of the consolidation area at around 72.65.
RSI is negative with no divergence indicating we could see a last exhaustive bearish move in WTI into the Consolidation area. A close below 77 could fuel an exhaustive move to around 67.50.
RSI is forming a falling wedge like pattern. If breaking above the upper falling trendline it could be signal of the downtrend in WTI is over and a reversal could be seen
To demolish the current bearish trend a close above USD 80 is needed. An RSI close above upper falling trendline could be first indication of that scenario to play out
Brent Crude oil is showing almost similar picture to WTI. Upper part of the Consolidation area. A close below 77 is likely to lead to an exhaustive move to around 73-72.
To demolish the current bearish trend a close above 84 is needed
To demolish the current bearish trend a close above 84 is needed
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