Oil has been in consolidation for the last 3 weeks, ranging in the 58-62 interval.
Oil has RSI bearish divergence on daily chart, and on weekly, RSI is about to turn down.
Since this is supported by a potential rise in US Dollar, oil will likely fall below support at 58$, breaking the 58-62 channel.
Breaking 50 day exponential moving average at 56$ will make oil look for a target at 50-53$ in the next couple of weeks.
If oil fails to break below 58, oil will continue to stay in channel.
See EU related ideas for why is dollar strong.
Edit:
-Added channel
Oil has RSI bearish divergence on daily chart, and on weekly, RSI is about to turn down.
Since this is supported by a potential rise in US Dollar, oil will likely fall below support at 58$, breaking the 58-62 channel.
Breaking 50 day exponential moving average at 56$ will make oil look for a target at 50-53$ in the next couple of weeks.
If oil fails to break below 58, oil will continue to stay in channel.
See EU related ideas for why is dollar strong.
Edit:
-Added channel
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