Crude oil is very tricky to trade now. The price is now around the lower support line of the rising wedge. If it gets inside, it could move up to the upper resistance line of the rising wedge.
After a beautiful shooting star/graveyard in the weekly chart, price is trading near to the shooting star candle level. To be bearish bias, I can view the current candle formation as shooting stars/graveyard and hanging man. To be bullish bias, I can view it as inverted hammer and hammer. Crude oil has been consolidating 6 weeks already. It would be interesting to watch if it will drop to form the right shoulder of the potential inverse head and shoulder from this level. Something to take note is there are 3 spinning tops at this level.
On a monthly basis, June has a doji candle. Market is undecided. This could mean a continuation or a reversal. Need to be careful for July trading. It gona be tricky.
Monthly support/resistance for Jul: 48.75, 48.52
After a beautiful shooting star/graveyard in the weekly chart, price is trading near to the shooting star candle level. To be bearish bias, I can view the current candle formation as shooting stars/graveyard and hanging man. To be bullish bias, I can view it as inverted hammer and hammer. Crude oil has been consolidating 6 weeks already. It would be interesting to watch if it will drop to form the right shoulder of the potential inverse head and shoulder from this level. Something to take note is there are 3 spinning tops at this level.
On a daily basis, crude oil seems to be consolidating in a descending triangle. Only time will tell.
The support/resistance level is very interesting for next week where the the daily/weekly/monthly price overlap with each other.
Daily support/resistance on 4th/5th Jul: 48.83, 48.6
Weekly support/resistance for 4th-8th Jul: 48.83, 48.75Monthly support/resistance for Jul: 48.75, 48.52
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