CRUDE OIL Chart Technical Outlook futures remain heading lower with no sign of a trend shift. The OPEC+ agreement to extend cuts has not convinced investors. The 4-hour chart suggests that price action is on the fifth wave of an Elliot Wave bearish trend. RSI is still above oversold levels, suggesting that further depreciation is likely. Immediate support is at the 6,300 area, the 127% Fibonacci extension of the 4th wave, a common target for the fifth wave, is at 6,171. Resistances are 6,555 and 6,719.
