Oversold Crude Oil is Testing SMA(200)

Crude oil is oversold and is currently testing its 200-day simple moving average near $96.34 per barrel. A rebound is highly possible, especially in the case that the stock market also rebounds.

It may be seen that the RSI(14) is below 30 and that prices are testing SMA(200). This is a very strong support area that held well back in February of this year and in November of last year.

Disclosure: no relevant positions.

Disclaimer

FacebookTwitterGoogle+PinterestTumblrLinkedInBlogger PostDeliciousDiggEmailRedditMySpaceWordPressShare
This entry was posted in Technical Analysis and tagged . Bookmark the permalink.

Comments are closed.