CL Monthly Technical Outlook - 9th July 2016

FX:USOIL   CFDs on Crude Oil (WTI)
From a technical perspective, the oil price has turned quite interesting since the start of a new trading month. The chart below shows the monthly rolling oil contract chart where June’s price action closed in a doji . It gains significance following three straight months of gains. The monthly Stochastics also shows the hidden bearish divergence currently playing out, as prices form a lower (June) high at $51.66 and the higher Stochastics while, the higher (May 2015) high at $62.51 and the subsequent lower high in the Stochs.

In the near term, oil prices could remain range bound within 48/49 and 44/45 levels.
Comment: 54.92 still holding
Comment: a break below 44.80-43.40 opens up the downside towards $35.xx and $30.xx
Always on the lookout. Those lobsters aren't going to eat themselves :)
+2 Reply
Hahahahahaha, rumour has it across Tradingview you got through 10 lobsters in one sitting, can you confirm?
Cooke TheBanker
That was a glorious evening... not so much for the lobsters though.

On the daily chart, the price is seen edging lower to the support level seen at 44.50 – 44.0 which is also likely to be supported by the 200-day moving average. The bullish flag pattern remains in play as long as price doesn’t break out below this main support level. A weekly close below 42.37 – 41.75 could potentially shift the bias to the downside for a stronger correction to 38.25 where the next support level is seen.

Support is seen at 44.80 – 43.40, which remains an important level which needs to contain the declines to keep any hopes of further gains to the resistance at 54.88 – 55.0 levels. A breakdown below the support could potentially invalidate any upside bias, especially if resistance can be confirmed at the freshly broken support level.
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