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Crude Oil Consolidates Further

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WTI Crude Oil price is still consolidating in a sideways wedge formation. There is significant resistance overhead at the current level in the form of the 200 Day SMA.

Only a convincing break out above 200 day SMA level and a Daily close above would potentially call for a retest of the falling resistance trend line at 100 level. Additional resistance on the upside is located at 106.43 followed by 110 level. Alternatively, support on the downside is located at 92.50 followed by 91.12 which is 50 Day SMA and 87.79. Indicators like MACD, Stoch. and RSI are currently at neutral mid-range opening the possibility for a move in either direction.


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