Technical Outlook CRUDE OIL 23.06.2017

Technical Outlook CRUDE OIL 23.06.2017

US CRUDE OIL

WTI oil remains in green on Friday but upside attempts remain limited following Thursday’s strong upside rejection after brief probe above $43.00 barrier.
Negative technicals and sentiment maintain strong bearish pressure for retest of temporary footstep at $42.04 (21 June low) and extension of bear-leg from $51.98 (25 May high) towards next target at $40.63 (weekly cloud base / 50% retracement of $26.04/$55.22 recovery).
On the other side, strong bullish signal is coming from daily RSI slow stochastic reversal from oversold territory, which may spark fresh recovery rally towards upper pivots at $43.82/$44.13 (Fibo 38.2% of $46.69/$42.04 / falling 10SMA).

Res: 43.14; 43.30; 43.82; 44.13
Sup: 42.67; 42.26; 42.04; 41.09