Crude oil technical analysis
crude oil continue climbing due to the risk that came from conflict in Venezuela, a combination of events around the world could produce a period of price instability – the big question is how it could cope with those, without a significant impact on prices – unless if its only something momentary, that will pass soon.
as I wrote the last post: Does the violence that oil has experienced in the past two months come back like a boomerang?
yes, we got it – what next?
it all starts here: Oil is crashing – The marks were on the wall
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| Crude oil analysis |
Crude oil technical analysis
is the first time that price has traded above the white band! After the big jump last month, the trend has changed to bearish and 42 $ oil price level became support level, now we need to watch on 54 -56$ price area that may become short-term resistance area I am expecting to see retracement on those level to check again 48- 49$ price area if 51$ will break down break above 56 +_ levels price will send crude oil to cope with the 58-60+_ price level, while stay below 48 $ those levels will show us that this was just a correction for the big journey down oil experience since 76$
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