CL Monthly Technical Outlook - 9th July 2016

FX:USOIL   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

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.

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.
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.
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