Technical Outlook US CRUDE OIL 08.09.2017 – Updated

Technical Outlook US CRUDE OIL 08.09.2017 – Updated

WTI Oil falls over $1; completion of reversal pattern to signal further downside

WTI oil price fell over $1 in early hours of the US session, generating stronger reversal signal on today’s fall after Wednesday’s action ended in long bullish candle and Thursday’s trading was shaped in Doji.
Fears rise as Hurricane Irma, one of the most powerful Atlantic storms in a century, is approaching Florida after menacing Bahamas and Cuba and leaving casualties and catastrophic destruction.
Fresh weakness came ticks ahead of pivotal $48.00 support zone, break of which would generate stronger bearish signal for deeper pullback from recovery peak at $49.40.
Today’s close in red is needed to complete reversal pattern for extension of pullback towards a plethora of supports provided by daily MA’s and daily cloud top between $47.62 and $47.27.

Res: 48.56; 49.00; 49.24; 49.40
Sup: 48.00; 47.62; 47.46; 47.27