Crude oil closed above the ascending channel in the monthly TF. It had a bullish week .
In the weekly TF, it can be seen that there seems to be a triple bottom and the price closed above all the resistance trend lines shown below. The question is would crude oil goes to the upper trend line of the ascending channel? The resistance is as shown below and the neckline of the inverse H&S is also another resistance to be broken. I guess crude oil might stuck in the range circled below before the next opec meeting. Let's see.
In the daily TF, the next 2 resistance is shown below.
Daily support/resistance on 3rd Apr: 50.69, 50.38
Weekly support/resistance from 3rd Apr - 7th Apr: 50.22, 48.97
Monthly support/resistance for Apr: 50.81, 50.73 (CLK7: 50.88, 50.93, CLM7: 51.31, 51.38)
Monthly support/resistance for Mar: 53.71, 53.13 (CLJ7: 53.82, 53.45, CLK7: 54.27, 53.93)
2017 Yearly support/resistance: 49.35, 40.28
In the weekly TF, it can be seen that there seems to be a triple bottom and the price closed above all the resistance trend lines shown below. The question is would crude oil goes to the upper trend line of the ascending channel? The resistance is as shown below and the neckline of the inverse H&S is also another resistance to be broken. I guess crude oil might stuck in the range circled below before the next opec meeting. Let's see.
In the daily TF, the next 2 resistance is shown below.
Daily support/resistance on 3rd Apr: 50.69, 50.38
Weekly support/resistance from 3rd Apr - 7th Apr: 50.22, 48.97
Monthly support/resistance for Apr: 50.81, 50.73 (CLK7: 50.88, 50.93, CLM7: 51.31, 51.38)
Monthly support/resistance for Mar: 53.71, 53.13 (CLJ7: 53.82, 53.45, CLK7: 54.27, 53.93)
2017 Yearly support/resistance: 49.35, 40.28
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