Crude oil has a very bullish week before OPEC meeting next Thursday. There is some resistance in the daily ichimoku cloud above.
In the weekly TF, ichimoku is providing strong support to the price but it is seen flattening going forward. There is some resistance in the mid of BB too.
In the monthly TF, the mid of BB is provide good support to the price. Depending on the outcome of the opec meeting, oil could still stuck in a range for a while.
Daily support/resistance on 22nd May:50.68, 50.25
Weekly support/resistance from 22nd May - 26th: 50.38, 49.33
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 weekly TF, ichimoku is providing strong support to the price but it is seen flattening going forward. There is some resistance in the mid of BB too.
In the monthly TF, the mid of BB is provide good support to the price. Depending on the outcome of the opec meeting, oil could still stuck in a range for a while.
Daily support/resistance on 22nd May:50.68, 50.25
Weekly support/resistance from 22nd May - 26th: 50.38, 49.33
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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