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WTI Crude Oil Price Analysis for July 10, 2024
WTI crude oil recently fell through its double top neckline to confirm that a selloff is underway. Price is closing below another area of interest at the $81.80 per barrel area to signal that selling pressure is strengthening. The 100 SMA is above the 200 SMA for now, but the gap has narrowed significantly to signal a likely bearish crossover and pickup in selling momentum. Crude oil is also trading below both moving averages, so these could hold as dynamic resistance on pullbacks. Stochastic continues to head south but is dipping into the oversold region to signal exhaustion among sellers. Turning higher would mean ... (full story)
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- Posted: Jul 10, 2024 6:58am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 160
