WTI Crude Daily Update For July 29, 2016

Crude oil prices printed a fresh three-month lows of $41.04d per barrel, coming from earlier highs of 42.22 posted into the N.Y. open. A Genscape report revealed a 300k barrel build at the Cushing, OK storage hub, which brought oversupply concerns back front and center. The 40.65 mark is the next level of target support which coincides with the 200-day moving average.  Resistance on crude oil prices is seen near the 10-day moving average ate 43.55.

Momentum on crude oil remains negative as the MACD (moving average convergence divergence) index prints in the red with a downward sloping trajectory which points to lower prices.  The RSI (relative strength index) hit a fresh low for the move, and is printing at 31, just above the oversold trigger level of 30.  Traders should keep an eye on the RSI to determine if crude prices are oversold.