This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
WTI Crude oil prices are trading on a softer note. Price action is pulling back to the 41.00 level of support where consolidation is taking place.
The lower high near the 42.00 level could signal a move lower. But this can be valid only if oil prices slip below the 40.00 level.
This will potentially open the way for oil prices to extend declines down to the 38.83 level of support once again.
The four-hour Stochastics oscillator is also pushing lower, suggesting a lower move in price action.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.