Negative technical theme on oil sector continues. The WTI oil price is approaching key technical support @ US$91.26
QMG Pty Ltd
Negative technical theme on oil sector continues. The WTI oil price is approaching key technical support @ US$91.26. A close below this major technical support would indicate the potential for the next significant downward move, and in that scenario, would target an initial/minimum pullback to US$84.00. Significantly, if this negative break occurs, it would tie in neatly with, and add weight to the technical sell signals that have been recently generated by the key ASX oil stocks, including WPL and STO. This sector of the Australian market has been previously flagged as a negative technical theme.
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.