Oil Technical Analysis Signals Potential Further Price Retreat
- The Directional Movement Index entered negative territory
- Average Directional Index showing uptrend is weakening
Statoil CEO Saetre Sees Uncertainty in Oil Markets
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Key technicals point to West Texas Intermediate crude futures extending its decline.
The so-called Directional Movement Index (DMI) entered negative territory Wednesday for the first time since August, which may indicate a further price drop is looming and is seen as a sell signal by investors. The U.S. benchmark that was in an uptrend, posting five consecutive months of gains through the end of January, has tumbled more than 5 percent so far this month.