WTI Crude Oil (current price: $45.60)
Oil had a decisively bearish day, as the crucial commodity trended lower throughout the day, giving back all of its gains from the previous session. The long-term picture remains neutral for WTI Crude, with a triangle consolidation still being intact following the strong rally that ended in June. The ongoing Dollar rally might point to further downside, but the technical picture is indecisive, with the flat 200-day MA being currently at $41.25.
Our assessment: Oil started today’s session lower as risk assets continued Friday’s steep correction, with a strong resistance zone just below the current price between $43,50 and $44.
