mantracommodity
Short

Crude broken major support

FX:USOIL   Crude Oil (WTI)
104 1 1
Crude (30.4.2014) traded higher in for last 5 weeks on increasing geographical tension. However technical were not convinced.

Now Crude is trading around $100.50 & as we can see on charts crude finally manage to broke below the support trade line holding from start of 2014. The downside breakout came with good technical indicators like the candlestick pattern is turning negative, RSI moved below 50 mark. However 200 SMA is still providing some support.

On fundamental side, US sanction on russia was not enough to provide any spike in crude as well as crude oil             inventories are on highest level since 80's. Libya oil             production also started meanwhile.

Based on above studies, we will prefer to sell crude for possible targets at $99.10 & then $98.10 while a day close above $102.30 will delay the forecast.

Trade with us CALL 088890 34986
PiankoParam
2 years ago
Around $98.50 crude will revrese its direction to move towrds $102.50 again by weekend.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out