The oil price hit the 20-week Sma and closed below that, which suggests a sell call for a downside target of $96. The price has an initial parallel support at the 101.60 levels. Once breaking below 101.60, we can see a steep fall. In the daily charts, the price closes below the 20,30 and 50-day Sma, but it is holding the previous swing low. Sell again below that or sell on an upmove until it closes above the 103.50 levels. The RSI is in the oversold level in H4 and daily charts, but in the weekly chart it favors to sell.
Sell below 101.60 targets 100, 99.20, 98.30, and 96
Buy above 103.50.
Sell on the rally with sl 103.50
The material has been provided by InstaForex Company - www.instaforex.com
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