Hello Traders
This is my opinion on Crude Oil.
The price is at strong resistance:
- Trendline --> Dec./ Jan. Highs & Jan.- Mar. Lows
- 78.6 Fib --> Mar. Rally
- Resistance --> 1 & 4 April Lows
- 50 Day EMA @ 99.29
- Descending Triangle on Price and TDI (RSI)
The price will probably push back from strong resistance I mentioned, between ~98 & ~99 and move lower till the 50% Fib. support at 95.90 and the triangle support + the March low at 93.50. A break through will give the price more downside Momentum till the support levels below:
- Oct. / Nov. highs @ ~85
- 161.8 Fib. Retracement --> March Rally
- Very Strong Support between ~ 75 & ~77 --> 78.6 Fib. Retracement from March highs + Oct. '18 & Jul. '21 highs + 2022 Open
Long-term I think the price will go higher again up to the 2008 high @ ~150 maybe more.
This is my opinion on Crude Oil.
The price is at strong resistance:
- Trendline --> Dec./ Jan. Highs & Jan.- Mar. Lows
- 78.6 Fib --> Mar. Rally
- Resistance --> 1 & 4 April Lows
- 50 Day EMA @ 99.29
- Descending Triangle on Price and TDI (RSI)
The price will probably push back from strong resistance I mentioned, between ~98 & ~99 and move lower till the 50% Fib. support at 95.90 and the triangle support + the March low at 93.50. A break through will give the price more downside Momentum till the support levels below:
- Oct. / Nov. highs @ ~85
- 161.8 Fib. Retracement --> March Rally
- Very Strong Support between ~ 75 & ~77 --> 78.6 Fib. Retracement from March highs + Oct. '18 & Jul. '21 highs + 2022 Open
Long-term I think the price will go higher again up to the 2008 high @ ~150 maybe more.
- Chinese Covid woes. The lockdown in Shanghai (China’s largest city) is putting a
cloud over oil’s demand prospects.
- US production is expected to slowly but surely increase over the coming months.
Traders should continue to monitor global inventory levels, production and the situation in Shanghai.
Good trades!