WTI Oil: Oil Price Tumbles on Fading Risk Sentiment (30 May 2023)

Oil fell sharply on Tuesday, losing almost 4% until early US session, as risk sentiment soured on fresh concerns about the US debt ceiling deal, while supply outlook is unclear due to mixed messages from world major oil producers, just days ahead of OPEC+ meeting.

Fresh acceleration lower dented pivotal Fibo support at $70.47 (38.2% retracement of $63.63/$74.70 advance) with daily close below here to generate new signal and expose next pivotal supports at $70 and $69.17 (psychological / 50% retracement of $63.63/$74.70 ($69.17).

Falling 14-d momentum broke into negative territory, RSI & Stochastic are heading south and daily moving averages turned to full bearish configuration, contributing to bearish near-term outlook.

Initial resistance lays at $71.80 (20DMA), followed by broken Fibo 23.6% ($72.09) and 10DMA ($72.44).

Res: 70.98; 71.80; 72.09; 72.44.
Sup: 70.00; 69.17; 68.46; 67.86.

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