3 min readOIL (WTI/USD | BRENT):
The price action of oil continues to show signs of consolidation, remaining subdued within these lower high-timeframe support zones around $66.00.
Examining the daily timeframe more closely, the technicals reveal that the daily 50 EMA is acting as dynamic resistance. The price repeatedly tests this level, gets rejected, and then moves lower. In the short term, I am particularly interested in observing whether the internal support area holds if the price revisits it. Meanwhile, the RSI indicator does not currently indicate that the price is either overbought or oversold.
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The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.
