Technical Analysis and Outlook
Crude oil prices closed near the session low by completing Oil Dip 65.70 and hitting a two-month low on Tuesday. The bears had the all around the near-term technical edge and even gained a lot more strength as a steep downtrend is within position shown on the daily bar chart many some time ago. Currently, the crude oil is bouncing off the Mean Support 66.0 as well as Oil Dip 65.70. The next stage for transforming from the steady to lower is a retest of Mean Resistance 69.55. The bearish sentiment might take the crude oil towards Key Support 64.30.
Crude oil prices closed near the session low by completing Oil Dip 65.70 and hitting a two-month low on Tuesday. The bears had the all around the near-term technical edge and even gained a lot more strength as a steep downtrend is within position shown on the daily bar chart many some time ago. Currently, the crude oil is bouncing off the Mean Support 66.0 as well as Oil Dip 65.70. The next stage for transforming from the steady to lower is a retest of Mean Resistance 69.55. The bearish sentiment might take the crude oil towards Key Support 64.30.
Comment:
October 31
Crude oil closed down at 66.32 on Tuesday. Prices closed near Oil Dip 65.70. Currently, the bears hold the strong overall near-term trade advantage. A downtrend to Mean Support 64.30 is very probable. However, rebound to newly created Mean Resistance 67.50 and beyond is continuously intact.
Crude oil closed down at 66.32 on Tuesday. Prices closed near Oil Dip 65.70. Currently, the bears hold the strong overall near-term trade advantage. A downtrend to Mean Support 64.30 is very probable. However, rebound to newly created Mean Resistance 67.50 and beyond is continuously intact.
Crude oil prices closed higher bouncing off the completing Oil Dip 65.70 and a medium-term bullish momentum advancing the oil to Mean Resistance 69.55.