3 min readOIL (WTI/USD | BRENT):
The price action of oil continues to show signs of consolidation, remaining subdued within these lower high-timeframe support zones around $66.00.
Examining the daily timeframe more closely, the technicals reveal that the daily 50 EMA is acting as dynamic resistance. The price repeatedly tests this level, gets rejected, and then moves lower. In the short term, I am particularly interested in observing whether the internal support area holds if the price revisits it. Meanwhile, the RSI indicator does not currently indicate that the price is either overbought or oversold.
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