The outcome of the OPEC meeting this week caused oil price to dive a few dollar but it recovered on Friday possibly due to long weekend. This created a bullish hammer but it is still around the 200 EMA / SMA.
A weekly doji was created. Crude might still be trading in this range circled in yellow. The ichimoku cloud is providing a support.
From the 4hr TF, price is around the 200 EMA / SMA. Resistance from the 200 EMA / SMA to the mid of BB is expected for any price spike to halt temporary.
From the monthly TF, BB is narrowing and mid of BB is providing good support.
Daily support/resistance on 29th May: 49.60, 49.06
Weekly support/resistance from 29th May - 2nd Jun: 49.94, 50.09
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
A weekly doji was created. Crude might still be trading in this range circled in yellow. The ichimoku cloud is providing a support.
From the 4hr TF, price is around the 200 EMA / SMA. Resistance from the 200 EMA / SMA to the mid of BB is expected for any price spike to halt temporary.
Daily support/resistance on 29th May: 49.60, 49.06
Weekly support/resistance from 29th May - 2nd Jun: 49.94, 50.09
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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