FX.co ★ Supported by all of the technical indicators, Crude Oil is likely to weaken today toward its nearest support level.

[Crude Oil]

With the EMA condition forming a Death Cross and the RSI(14) which positioned in the Neutral-Bearish level, it indicates that Crude Oil has the potential to decline down to its nearest support level today.

Key Levels

1. Resistance. 2 : 60.89

2. Resistance. 1 : 59.87

3. Pivot : 59.27

4. Support. 1 : 58.25

5. Support. 2 : 57.65

Tactical Scenario:

Pressure Zone: If the price of #CL breaks down below 58.25, it may continue to weaken to 57.65.

Momentum Extension Bias: If 57.65 is broken, Crude Oil could continue its decline down to 56.63.

Invalidation Level / Bias Revision:

The downside bias is restrained if the price of #CL unexpectedly strengthens and breaks above 60.89.

Technical Summary:

EMA(50) : 59.20

EMA(200): 59.38

RSI(14) : 31.18

Economic News Release Agenda:

From the United States, the following economic data will be released today:

US - NFIB Small Business Index - 18:00 WIB

US - ADP Weekly Employment Change - Tentative

US - JOLTS Job Openings - 22:00 WIB

US - CB Leading Index m/m - 22:00 WIB

US - 10-y Bond Auction - 01:00 WIB

US - API Weekly Statistical Bulletin - 04:30 WIB