forexeatrading 
- WTI crude oil breaks the numerous stage of 68.90.
- Technical oscillators recommend unfavourable momentum.
WTI crude oil has gained some notable floor after the promoting curiosity towards the virtually two-year low of $65.36, surpassing the essential resistance ranges of the 23.6% Fibonacci retracement stage of the down leg from $80.59 to $65.36 at $68.90 and the long-term ascending development line.
Nonetheless, from a technical perspective, the momentum oscillators present weak motion. The RSI factors barely above the 50 territory, whereas the stochastic posted a bearish crossover between its %Okay and %D traces within the overbought area.
If the commodity falls under $68.90, it could problem the 20-day easy transferring common (SMA) at $68.00 earlier than getting into the descending channel. Decrease, the $65.70 and $65.36 helps might trigger unfavourable actions.
Then again, a continuation of the up leg might reclaim the 38.2% Fibonacci of $71.20, which holds close to the 50-day SMA, earlier than battling with the $71.50 barrier. If the bulls proceed to purchase, the 50.0% Fibonacci and the 200-day SMA round $73.00 might show to be powerful obstacles.
All in all, WTI crude oil confirmed some enchancment within the previous days, however the technical oscillators recommend a unfavourable bias.
