WTI crude softens as concerns grow over lockdowns in China. A bearish MA cross on the daily chart suggests that sentiment may have turned cautious.
The price is testing the key floor at 94.00 which is a daily support from the mid-March rebound. A bearish breakout could force the bulls to bail out and trigger a sell-off towards the psychological level of 90.00, putting the commodity on a correction course.
The RSI’s oversold condition may raise some buying interest. Buyers need to lift 104.00 to safeguard the uptrend.
