Forex Flash: Crude oil poised for correction via MACD and Tweezer top – RBS

FXstreet.com (Barcelona) - Crude oil failed to break the 97.1 support, trading in a range of 93.5 – 97.1, formed by Fibonacci retracements from the August-September 2012 impulse wave. According to Technical Strategist Dmytro Bondar at RBS, “A negative crossover in the overbought 12/26/9 MACD oscillator coupled with an inside session and Tweezer top candlestick patterns formed yesterday suggest it is good to take profits on long positions, as the 98.00 region would probably not be reached.

In addition, “it is also it is worth noting that the price might be forming a head and shoulders pattern, with a target of 90/90.5.” Bondar suggests.