Sunday, July 17, 2016

Crude Oil Trading: Weekends Post for the week 18th - 22nd Jul

Crude continue to consolidate below the daily descending triangle, testing the base.

Price already breaks decisively below the weekly rising wedge with the mid of BB now acting as a support.

Price is consolidating at mid of monthly BB, while BB is squeezing. Price could be consolidating at a range for a month or a couple of months more before a directional move.

Daily support/resistance on 18th Jul: 46.08. 45.69
Weekly support/resistance for 18th - 22nd Jul: 46.8, 45.6846.45, 46.08
Monthly support/resistance for Jul: 48.75, 48.52, 48.62, 49.06

1 comment:

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