Crude oil has an interesting move this week. It dropped all the way below 44 and then move up to 46+. A hammer is formed in the dailty TF. There are many resistance line above. It could move up to the area circled below and consolidate there before OPEC meeting.
In the monthly TF, price has bounced from the mid of BB. If it holds a big move is coming as BB has been narrowing.
From the weekly TF, you can see that price dropped about 1 month from the opec meeting last year. The same pattern seems to repeat and could be repeated in the coming weeks. If this is so, next week could be a green candle. Moreover, the price is supported by the ichimoku cloud. There is a possibility the low could be tested though.
Daily support/resistance on 8th May: 46.05, 45.22
Weekly support/resistance from 8th May - 12th May: 46.49, 46.54
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
In the monthly TF, price has bounced from the mid of BB. If it holds a big move is coming as BB has been narrowing.
From the weekly TF, you can see that price dropped about 1 month from the opec meeting last year. The same pattern seems to repeat and could be repeated in the coming weeks. If this is so, next week could be a green candle. Moreover, the price is supported by the ichimoku cloud. There is a possibility the low could be tested though.
Daily support/resistance on 8th May: 46.05, 45.22
Weekly support/resistance from 8th May - 12th May: 46.49, 46.54
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
Crude oil is highly price volatile and traders with good trading experience only trade in such commodities. Mcx tips can also be considered for getting better results.
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