Crude Oil Mid-term analysis

#CrudeOil #CLN2020 #4hr #Midterm
- Here is Crude oil 4hr. Today I will analyze in a bigger frame and let you guys know where we are.
- After making a new high at 38.18, it is right now being corrected. In a shorter frame, it is currently in a symmetrical triangle and we must moniter when iit gets broken.
- Also we must pay attention to the orange parallel channel. When it gets broken below, more correction can be expected.
- The major support area I am considering is 34.70~35.40 and 32.70~33.40. 34.70~35.40 is the bottom of the major channels so if this gets broken, it is going to be very bearish for a while.
- On the other hand, if the bottome of the channels succeed to support, the major resistance areas are 40.00~40.60, 41.80~42.40, and 44.30~44.70 .
- 4hr MACD has shown death cross and RSI has just escaped the overbought area so personally, I am expecting a correction for now and test the support of the bottom of the channels.