Technical Analysis – Oil strengthens bearish bias as it tests 200-day MA
Posted on July 29, 2016 at 7:09 am GMTWTI oil futures continue to extend lower today, dipping below the key $41 a barrel level. The outlook is bearish as a falling RSI below 50 supports further downside momentum. Prices are at a critical level, testing the 200-day moving average at the $41 mark. It provided support yesterday but if there is a close below it today this would open the way for a fall towards $38.76. This level is the 78.6% Fibonacci retracement of the recent upleg from $35.24 [..]