Crude Oil: Is the rejection scenario still relevant?
Oil attempted to reject the Pennant yestarday, but withdrew to around its EMAs, which it has failed to breach.
Breaching its EMAs will send it back to the upper side of the Pennant, with 46.27 as an objective.
Failing to cut through its EMAs, will prove that the rejection scenario is valid, and will send Oil south to 40.26, with 42.71 as a primary objective.
Volumes are still low, higher volumes should get Crude out of its consolidation.
Crude’s daily Pivot Point is around 44.66. The daily support levels are around are around 44.14 and 43.19. The daily resistance levels are around 45.61 and 46.13.
Source: New feed7