It seems that easy to understand that price could keep moving down as some reasons: doubt in global production cut, inventories are still high, lower demand (less cold weather), holiday seasons (traders try to take profits!), etc. .
But in my own long-term view, I still keep bullish trend in crude oil price development. My view is based on the analyze/comparison between price movement with trend lines + channel + support/resistant zones + Trend-Based Fib Extension + MA200/EMA200 + Bollinger Bands as you can see all in my chart. I think if go down, price could touch the upper line of support zone/middle line of Bollinger Bands at around 51$. If lower it could touch around Fibo 38.2%@48.98$. For more downside, if it could be, the bottom I think that when it touches the MA200/EMA200/Fibo 23.6% at around 45.24$. Please watch more with MACD/RSI indicators and especially compare with price actions in weekly and monthly timeframe for long-term view.
This is just my own view for sharing purpose only as contribution to our trading community. Not a trading recommendation because of price still could be more volatile as unexpected. So you may get very stressful if your trading strategy were not good enough (wrong entry/stop loss/take profit points) and it depends on your ability of finance and patience.
Always remember that trade what you see (don't trade what you think) and (plan your trade) trade your plan.
Safe trade and wishing you all have a great holiday seasons.
But in my own long-term view, I still keep bullish trend in crude oil price development. My view is based on the analyze/comparison between price movement with trend lines + channel + support/resistant zones + Trend-Based Fib Extension + MA200/EMA200 + Bollinger Bands as you can see all in my chart. I think if go down, price could touch the upper line of support zone/middle line of Bollinger Bands at around 51$. If lower it could touch around Fibo 38.2%@48.98$. For more downside, if it could be, the bottom I think that when it touches the MA200/EMA200/Fibo 23.6% at around 45.24$. Please watch more with MACD/RSI indicators and especially compare with price actions in weekly and monthly timeframe for long-term view.
This is just my own view for sharing purpose only as contribution to our trading community. Not a trading recommendation because of price still could be more volatile as unexpected. So you may get very stressful if your trading strategy were not good enough (wrong entry/stop loss/take profit points) and it depends on your ability of finance and patience.
Always remember that trade what you see (don't trade what you think) and (plan your trade) trade your plan.
Safe trade and wishing you all have a great holiday seasons.
Comment:
For your clearance of my chart
Comment:
Adding one more resistant zone.
Comment:
I think price is in the consolidation phase now and once it breaks out this range it will confirm its: (i) downtrend in short-term as a correction (if below 52); (ii) uptrend in long-term (if above 54).
However with some main producers of OPEC who already informed their customers about the production cut plan from January 2017 so I think price could break out 54 to go up more and target to the strong resistant zone 57-62...In case it breaks out 52, the downtrend maybe just within couple of weeks and it could touch the strong support zone at 49-51
However with some main producers of OPEC who already informed their customers about the production cut plan from January 2017 so I think price could break out 54 to go up more and target to the strong resistant zone 57-62...In case it breaks out 52, the downtrend maybe just within couple of weeks and it could touch the strong support zone at 49-51