YM.Chong

Critical Prices Level For Crude Oil in September

NYMEX:CL1!   Light Crude Oil Futures
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My crude oil critical price level for September :

R1 :46.85 R2: 48.60 R3: 53.00
S1: 44.00 S2: 42.00 R3: 38.00

A broken of R1 may lead the market to test R2 ( 50% retracement ), if 53.00 ( 0.618 retracement )broken, crude oil market will test 62.00 again.

A broken of 42.00 with a huge possibility will lead the market to test 38.00 again (Fed interest rate decision meeting (16-17 Sept) could be a catalyst)

Short term technical view, market possibly range between 42.00 to 48.60. Bias bullish for crude oil market before 16-17 September. A Fed rate hike decision may lead the market to test 42.00 and 38.00.

I would greatly appreciate it if you give me some feedback on this technical view. Happy Trading :)

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