#CRUDEOIL - Can rally if we break $41 resistance
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Crude Oil is trading within a range of $40.4 to $34.3. Break of these level on either side will provide direction to next big move for CrudeOil.
We have tested the top of the range few times now and with further retests, CrudeOil may be able to break the zone.
The next immediate resistance after break of $40.4 would be $41 (top of the gap range formed during the crash - see image below). If we are able to push past that resistance, then we can see some positive good rally in CrudeOil.
The mid of the range high and low, $37.4 could serve as zone of support / resistance as long as we are in this range.
If we break down from the range, the previous swing low near$31.5 would help give immediate support.
Crude Oil is currently correlated with US30, Dow/DJI, thus any move there would be reflecting in CrudeOil accordingly. So keep that in mind.
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
Daily RSI
CRUDEOIL - 67 ( Leaning Bullish )
“There is a time to go long, a time to go short and a time to go fishing.” - Jesse Livermore
Before you start reading kindly hit that like button and consider leaving a comment below. It motivates me to keep doing such work for free.
Thanks
Crude Oil is trading within a range of $40.4 to $34.3. Break of these level on either side will provide direction to next big move for CrudeOil.
We have tested the top of the range few times now and with further retests, CrudeOil may be able to break the zone.
The next immediate resistance after break of $40.4 would be $41 (top of the gap range formed during the crash - see image below). If we are able to push past that resistance, then we can see some positive good rally in CrudeOil.
The mid of the range high and low, $37.4 could serve as zone of support / resistance as long as we are in this range.
If we break down from the range, the previous swing low near$31.5 would help give immediate support.
Crude Oil is currently correlated with US30, Dow/DJI, thus any move there would be reflecting in CrudeOil accordingly. So keep that in mind.
Please note: These are my views and not trading advice. Please consult your financial adviser before taking any trading decision.
Daily RSI
CRUDEOIL - 67 ( Leaning Bullish )
“There is a time to go long, a time to go short and a time to go fishing.” - Jesse Livermore
CRUDEOIL formed a piercing candle pattern and got rejected from the $41 level.
US30 is down approx 900 points from the high. We can see more downside if global markets keep falling.