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WTI Price Analysis: Oil slides below $75.00, further downside appears impulsive
WTI crude oil remains on the back foot at around $74.75 during Monday’s Asian session, extending the previous day’s U-turn from an 11-week high. That said, the black gold reversed from the multi-week top the previous day amid an overbought RSI (14) line. The pullback move dragged the quote below the 61.8% Fibonacci retracement level of April-May downside and convinced the energy sellers to keep the reins. Adding strength to the downside bias are the bearish MACD signals. However, the near 50.0 levels of the RSI (14) line and convergence of the 50-SMA, as well as the 50.0% Fibonacci retracement, close to $73.90 by ... (full story)