Crude’s invincible run coming to an end?
The uptrend line has been broken. The RSI is falling like a stone and eyeing the 58 level, previously resistance for price. Price has found some support at the $85.6 mark, which is near to its former high back in late October of last year. If that level breaks then the 21-day EMA will be an interesting point to watch. Below there $80 comes into play between the 21-day EMA and 50-day SMA. On the upside, I quite like $90 as an initial target. There is quite a sizable amount of call options at the $90, which could see a bit of a delta hedge squeeze higher. With the volatility playing out Crude is definitely one to keep on the radar.
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