Weekly spinning top for crude oil this week. It is bouncing at those trendlines as shown below.If those holds, expect it to go above 50 again.
From the daily TF, it is hovering around the 200 MA/EMA too.
From monthly TF, a DIB can be seen. A big move is coming in the next 1 to 2 months.
From 1hr TF, an inverse HS seems to be forming. If it is valid, expect above 50 next week.
Daily support/resistance on 1st May: 49.22, 49.28
Weekly support/resistance from 1st May - 5th May: 49.2, 49.21
Monthly support/resistance for May: 50.98, 49.79 (CLM7: 49.85, 51.17, CLN7: 50.15, 51.5 )
Monthly support/resistance for Apr: 50.81, 50.73 (CLK7: 50.88, 50.93, CLM7: 51.31, 51.38)
2017 Yearly support/resistance: 49.35, 40.28
From monthly TF, a DIB can be seen. A big move is coming in the next 1 to 2 months.
From 1hr TF, an inverse HS seems to be forming. If it is valid, expect above 50 next week.
Daily support/resistance on 1st May: 49.22, 49.28
Weekly support/resistance from 1st May - 5th May: 49.2, 49.21
Monthly support/resistance for May: 50.98, 49.79 (CLM7: 49.85, 51.17, CLN7: 50.15, 51.5 )
Monthly support/resistance for Apr: 50.81, 50.73 (CLK7: 50.88, 50.93, CLM7: 51.31, 51.38)
2017 Yearly support/resistance: 49.35, 40.28
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