Chart of the day: Crude Oil
|The Crude Oil market had a massive breakdown a couple weeks ago when it broke the $64 level. And since then, the market has been in a bearish consolidation, working off overbought condition on the RSI (relative strength index).
The scariest part of the consolidation is twofold. Despite the bounce in stocks (risk) the market has yet been able to recapture the $64.00 level. From a technical perspective, the fact that the Crude Oil market can’t get back above the 38.2% Fibonacci retracement does suggest that it’s only a matter of time before we see a move lower towards the 55.05 level lows.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.