WTI oil’s overnight recovery rally from $20.57 seems to have ended with rejection at $24. Technical indicators are reporting oversold conditions, but the price chart is showing no signs of seller exhaustion. WTI is again feeling the pull of gravity, having failed to take out the psychological hurdle at $24.00 in early Asia. A barrel of black gold is currently trading at $22.64 Prices are down 1.26% on the day and a staggering 50% on a month-to-date basis. The 14-day relative strength index (RSI) continues to report oversold conditions with a below-30 print, but so far, a notable corrective bounce has remained elusive, which isn’t surprising as investors are worried the ongoing price war between Saudi Arabia and non-OPEC leader Russia will leave the market in an oversupplied state. The demand side is increasingly looking weak with the coronavirus outbreak threatening to push the global economy into a recession for a prolonged period of time. The oversold reading on the RSI would gain credence if and when signs of bear fatigue emerge on the price chart in the form of a bullish engulfing candle, Doji candle, etc. Also, during a strong bearish trend, the RSI can stay oversold longer than bargain hunters can stay solvent. Daily chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US GDP could drop 14% in the second quarter – JP Morgan economist FX Street 2 years WTI oil's overnight recovery rally from $20.57 seems to have ended with rejection at $24. Technical indicators are reporting oversold conditions, but the price chart is showing no signs of seller exhaustion. WTI is again feeling the pull of gravity, having failed to take out the psychological hurdle at $24.00 in early Asia. A barrel of black gold is currently trading at $22.64 Prices are down 1.26% on the day and a staggering 50% on a month-to-date basis. The 14-day relative strength index (RSI) continues to report oversold conditions with a below-30 print, but so far, a notable corrective bounce… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
