Chart - Courtesy Trading View
WTI trades in the red for the third consecutive day. Outlook remains bearish.
US oil came under renewed pressure on reports of Saudi Arabia’s likely increase of oil output.
Reuters reports, citing an OPEC+ source said that 'Russia may agree to OPEC+ compensating current drop in oil production'.
WTI price action slipped below 200H MA and GMMA indicator shows major and minor trend are bearish on the intraday charts.
RSI has turned lower, Stochs are on verge of bearish rollover from overbought levels. Chikou span is biased lower.
MACD is on verge of bearish crossover on signal line and ADX supports weakness. 5-DMA has turned.
Support levels - 110.99 (21-EMA), 109.23 (Cloud top), 106.30 (55-EMA)
Resistance levels -113.24 (200H MA), 114, 115 (5-DMA)
Summary: WTI on track for further downside. Bears eye cloud support at 109.23.
