- Immediate support level 0.736
- Testing inner upper Bollinger band at 0.7463
- MACD indicated overbought, momentum may slowdown
Crude Oil West Texas – Cash
WTI Crude Oil went down for a second day, following Iran’s plan to increase its daily output to 4 million barrels before considering an output freeze. Currently, the country’s output is about 3 million barrels a day. This sent the WTI April contract lower (Below $37), down over 4.2% this week.
- Double bottom pattern has completed
- MACD indicate overbought, and momentum is slowing down
- RSI at 61%, near to overbought level
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