Oil price declines for the second straight day after recent three-day strong recovery rally was repeatedly rejected just under 200DMA ($77.80). Subsequent weakness generated reversal signal following a break below pivotal support at $74.51 (50% retracement of $71.46 / $77.57 recovery leg, reinforced by 10DMA). Daily studies weakened (MA’s are back to full bearish setup […]
The post WTI Outlook: Fresh Fall of Oil Price Signals an End of Corrective Phase appeared first on Action Forex.
