Technical Analysis – WTI oil pauses August rally, bullish above $46
Posted on August 26, 2016 at 8:46 am GMTWTI oil prices staged a strong rally from the August lows of $40 a barrel to rise to a high of $49.34 on August 19. The market became overextended at these levels as shown by technical indicators. RSI reached overbought levels at 70 and the stochastic also reached extreme levels. So following from this, prices reversed back down to find support at $46.41. The short term bullish trend can be maintained if the market remains above its 50-day moving average which [..]