Oil turned bearish after OPEC meeting. On Friday a some kind of pin bar is created. Do we have a bounce going forward or are we going more down to fill the gap below?
We have a doji in May. I am expecting consolidation range the next few weeks. Mid of BB is support price. Swing traders may get bored.
In the weekly TF, ichimoku cloud is currently supporting the price. Downside risk could be limited though as summer driving is around the corner.
We have a doji in May. I am expecting consolidation range the next few weeks. Mid of BB is support price. Swing traders may get bored.
Daily support/resistance on 5th Jun: 47.65, 47.47
Weekly support/resistance from 5th Jun - 9th Jun: 48.51, 48
Weekly support/resistance from 5th Jun - 9th Jun: 48.51, 48
Monthly support/resistance for Jun: 48.38, 47.88 (CLN7, 48.44, 48.07 ; CLQ7: 48.68, 48.34)
Monthly support/resistance for May: 50.98, 49.79 (CLM7: 49.85, 51.17, CLN7: 50.15, 51.5 )
2017 Yearly support/resistance: 49.35, 40.28
Monthly support/resistance for May: 50.98, 49.79 (CLM7: 49.85, 51.17, CLN7: 50.15, 51.5 )
2017 Yearly support/resistance: 49.35, 40.28
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