Technical Analysis and Outlook
Crude oil has been yet another significant discussion subject on Tuesday following its $4 tumble ensuing in a 6% fall. Prices continue posting their multi-stage decent. On Tuesday, Nov 13, a barrel of US oil hit our Oil Dip $56 and Mean Support $55 projection, As a result, 'Black Gold' is presently trading at the levels it reached in November of 2017. Major Key Support $49 (Stage 5) is in progress: however, the latest drop might be mitigated with a swift bounce to resistance - previous Mean Support $59.
Crude oil has been yet another significant discussion subject on Tuesday following its $4 tumble ensuing in a 6% fall. Prices continue posting their multi-stage decent. On Tuesday, Nov 13, a barrel of US oil hit our Oil Dip $56 and Mean Support $55 projection, As a result, 'Black Gold' is presently trading at the levels it reached in November of 2017. Major Key Support $49 (Stage 5) is in progress: however, the latest drop might be mitigated with a swift bounce to resistance - previous Mean Support $59.