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Flash: Crude oil looks to avoid bearish outlook below 97.1 level – 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 is forming a double-top with the 87 target after breaching 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 December – January extremes of 92.5.”

“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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