CRUDE prices look very weak - 82, and then 70.
Reviewing the Crude price action, and it appears weaker than stronger, after its retracement.
At this point, the weekly chart is struggling to stay above the 55EMA, but technicals are showing strong weakness that would pull prices lower, and below the 55EMA in the coming weeks. A hint that this is the case comes from the candlestick of the week that just closed. Although it reclaimed above the weekly 55EMA, the candlestick did not close above the 50% mark of the previous candle, and left a top tail. This are indications that the coming week should be heading down below the 55EMA again.
The daily chart accentuates those hints... the recent late week surge in crude prices met the resistance band upper range, and Friday closed with a rather full inside candle. Like a Harami, this is a bearish indication of a bearish reversal. IF so, the Fibonacci projections point to a likely test and fail at 90, an immediate support at 82, and downside target at 70 ( by mid-end October). Technical indicators appear a tad weak with the RPM losing steam, and the MACD struggling to make a comeback with a crossover.
Am projecting a triangle support at 70... will know in time.
At this point, the weekly chart is struggling to stay above the 55EMA, but technicals are showing strong weakness that would pull prices lower, and below the 55EMA in the coming weeks. A hint that this is the case comes from the candlestick of the week that just closed. Although it reclaimed above the weekly 55EMA, the candlestick did not close above the 50% mark of the previous candle, and left a top tail. This are indications that the coming week should be heading down below the 55EMA again.
The daily chart accentuates those hints... the recent late week surge in crude prices met the resistance band upper range, and Friday closed with a rather full inside candle. Like a Harami, this is a bearish indication of a bearish reversal. IF so, the Fibonacci projections point to a likely test and fail at 90, an immediate support at 82, and downside target at 70 ( by mid-end October). Technical indicators appear a tad weak with the RPM losing steam, and the MACD struggling to make a comeback with a crossover.
Am projecting a triangle support at 70... will know in time.
