WTI crude plunges over mounting recession worries as the bank drama unfolds. A previous break below the daily low of 73.80 has put the commodity under pressure. Then a decisive close below December’s low and the psychological level of 70.00 has labelled the three-month long consolidation as a bull trap. As the price reaches a 15-month low at 66.00, the RSI’s repeated dip into the oversold zone may temporarily drive the price up. 70.00 is the first resistance and more selling could be expected around 72.50 from trend followers.
