Three red weekly candles out of 5 candles after dropping out of the rising wedge and is below mid BB. CL looking weak. The right shoulder seems to be forming. Since many traders have already seen this forming, it would be interesting if this would be a self-fulfilling prophecy and if MMs allow this to happen. We need more confirmation.
I suspect price to drop to the consolidation area and trade in a range below nearing the next OPEC meeting in 30th Nov. Price is now at the lower BB in the daily TF and may bounce up to mid BB. However, if sentiment continues to be bearish, price will continue south till the consolidation area and bounce up and down there. No hurry to buy or sell. Just intra-day trade would be better.
Daily support/resistance on 1st Aug: 41.29, 41.12
Weekly support/resistance from 1st- 5th Aug: 41.74, 42.47
Monthly support/resistance for Aug: 42.57, 44.96, 42.69, 45.3
I suspect price to drop to the consolidation area and trade in a range below nearing the next OPEC meeting in 30th Nov. Price is now at the lower BB in the daily TF and may bounce up to mid BB. However, if sentiment continues to be bearish, price will continue south till the consolidation area and bounce up and down there. No hurry to buy or sell. Just intra-day trade would be better.
Daily support/resistance on 1st Aug: 41.29, 41.12
Weekly support/resistance from 1st- 5th Aug: 41.74, 42.47
Monthly support/resistance for Aug: 42.57, 44.96, 42.69, 45.3
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