Oil rejected the pennant, as it has breached 44.85, though the main slope was a bit high. Yesterday's upper failed to cut through its EMAs, which suggest the trend to be bearish. Breaching 44.33 will send Oil south to 40.26, with 42.71 as a primary objective.
Only by breaking through its EMAs, Oil would be sent towards 46.21, which breaching will induce a rally with 51.54 as an objective.
The EMA10 is cutting the EMA20, which suggests the trend to become bearish .
Crude's daily Pivot Point is around 45.07. The daily support levels are around 44.53 and 43.67. The daily resistance levels are around 45.85 and 46.47.
Only by breaking through its EMAs, Oil would be sent towards 46.21, which breaching will induce a rally with 51.54 as an objective.
The EMA10 is cutting the EMA20, which suggests the trend to become bearish .
Crude's daily Pivot Point is around 45.07. The daily support levels are around 44.53 and 43.67. The daily resistance levels are around 45.85 and 46.47.
