dhananjay.d.joshi

Looking oil on monthly chart

NYMEX:CL1!   Light Crude Oil Futures
snapshot

We have RSI going in to the below 30 levels and we are at important level of 88%, good place where we can expect price to revers.

levels mentioned on the charts are Fibonacci levels considering all time low to all time high in last 20 years.

If we go below the 88% then next structural support is around $17 to $18.

This is not trade idea or plan but just an analysis to judge the current price and relative support and resistances.
We will be at resistance once we go to the 37 to 39 price band.
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