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Flash: Crude oil maintains bearish outlook below the 97.1 resistance – RBS

FXstreet.com (Barcelona) - Crude Oil remains bearish below the 97.1 resistance, which is formed by few Fibonacci levels.

According to Technical Strategist Dmytro Bondar at RBS, “The price breached the 93.6 support, formed by a Fibonacci retracement from the August- September 2012 impulse wave. However, it had a strong reaction from the 61.8% retrace of Dec-Jan extremes of 92.5.”

Moreover, “As the level was broken and oscillators remain bearish, we believe there should be more weakness to the 90.5 level. There is a negative crossover in the overbought 10/3/3 slow stochastic and a turn in 12/26/9 MACD oscillator. Also it is worth noting that the price might be forming a double-top just below the 97.1.” Bondar adds.

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