What do the charts say?
Weekly chart - what does it say?
Oversold - BUT price and RSI going to new lows - no divergence yet so selling pressure still evident
Next major support - shaded area, with possible overshoot
If that doesn't hold crude is headed lower
What about shorter time frames?
Crude oil daily
Getting close to oversold
POSSIBLE positive divergence setting up - as a new low with RSI looking like it will not form a new low
Crude 2 hour chart
Stepping down the stairs
Nice bear flags on the move down
Looks like at least one more setting up
Worth keeping eye on especially if it gets to the support highlighted (set alert for 42.9)
once the down move is finished - there should be a decent rally (corrective)
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