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WTI crude oil erases gains below 80.00
WTI crude oil futures with delivery in July have failed to surpass the 80.00 level once again and are currently returning below the 200-day simple moving average (SMA). The price has been developing within a narrow range of 76.58-80.00 since the beginning of the month. According to the technical oscillators, the RSI indicator is falling from the overbought region, while the stochastic oscillator is ready for a bearish crossover within its %K and %D lines near the 80 level, both indicating a bearish retracement. If the market retreats further, immediate support could come from the medium-term ascending trend line ... (full story)