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Crude is now under pressure amid rising concerns that the US Federal Reserve would hike rates by 50 basis points at future meetings. Concerns are fueled by the macroeconomic statistics published in the United States on Wednesday that reflected continuing inflation in the country. In this light, the greenback strengthened and crude weakened.
Technical picture:
The price is below the middle Bollinger band and the 5-day SMA but above the 14-day SMA. The Relative Strength Index has crossed the 50% level and is making a sell signal. The Stochastic has left the overbought zone and is moving down steadily, signaling a possible fall in the price.
Outlook:
Should the quote go down and consolidate below 102.65, the target will stand at the 99.25 level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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