Momentum these two weeks had been bearish amid market foresee more supply.
Price breakthrough the first micro trend line (Blue) and continue with momentum.
Looking at the price, it may reach the weekly base trend line before another range / consolidation.
Prices came up with strong bullish momentum yesterday amid China-US trade negotiation will have better outcome.
From the technical analysis point of view, the bulls momentum will continue if it break and stay around the trend line again today.
Consider the US midterm election is around the corner, bulls may continue around the 900s.
Price moving in smaller range this week with production and export data mixing.
Near term bullish momentum visible in the daily Chart.
Price may move further up to the top of the channel before reversing back into the range again.
This week price closed with strong bearish momentum after hitting the reversal zone.
With production estimated up, and uncertainty with China trade, the bearish momentum may push further to 854 - 820 level in coming weeks.
Looking to complete the downward range to -27.2% level of the weekly Fibonacci retracement range.
Price at 38.2% of current Fibonacci retracement range, momentum still unclear at the moment.
However the bearish momentum from previous candles (from the significant level and reversal zone above) may continue.
Price hit 2260 at the top of the trend line and reverse back into the range today. Price closed respecting the channel and the significant level at 2238 (again), and is Holiday tomorrow.
Moving forward to Thursday, we may see bearish momentum pushing it towards bottom trend line and start moving in ranges, before any news / data releases that will build up any...
Light Crude oil futures price broke through the base trend line (significant level) last week and last day candle closed with bearish momentum after hitting the base trend line in daily chart.
Further bearish possible towards -61.8% level, is also the swing low of the weekly chart.
Friday candle closed with limited bullish momentum. However daily high was looking to break through weekly high. And it was still a higher low at closing. This week price may re-test the high and if it breaks 2265, price may push towards 2288 at weekly significant level.
The significance of monthly base trend line is in play at this week. Price rebounding from it and momentum unclear.
On 4hr and 1hr chart prices seems to move in ranges channeling up, which in my opinion will retest last week's target at 2238 again and move into the range then.
FCPO price at monthly base trend line after reversing up from the weekly base trend line last week.
Bullish momentum may continue into August for the next monthly candle.
Shorter time frame in Chart H1 up trend fibonacci range confirmed. Price retesting the micro trend line from chart D1. If it broke trough again, price will then continue up towards the 2238...