[Crude Oil]
With the appearance of a Bearish Divergence, #CL has the potential to weaken toward its nearest support level today.
Key Levels
1. Resistance. 2 : 62.31
2. Resistance. 1 : 61.57
3. Pivot : 60.94
4. Support. 1 : 60.20
5. Support. 2 : 59.57
Tactical Scenario
Pressure Zone: If the price breaks down below 60.20, there is potential of pressure toward 59.57.
Momentum Extension Bias: If 59.57 is broken to the downside, there is potential to test 58.83.
Invalidation Level / Bias Revision
The downside bias is restrained if #CL breaks out and closes above 62.31.
Technical Summary
EMA(50) : 60.73
EMA(200): 60.39
RSI(14) : 36.32 + Bearish Divergent
Economic News Release Agenda:
Tonight the United States will release the following economic data:
US - ADP Weekly Employment Change - Tentative
US - HPI m/m - 21:00 WIB
US - S&P/CS Composite-20 HPI y/y - 21:00 WIB
US - CB Consumer Confidence - 22:00 WIB
US - Richmond Manufacturing Index - 22:00 WIB
US - API Weekly Statistical Bulletin - 04:30 WIB