This week, oil display a bullish weekly candle off the support as shown below. The resistance area is highlighted in yellow.
Friday candle has surpassed the Thursday shooting star candle which is a display of continuation of the upwards trend. It is likely to test the upper descending channel, with the ichimoku cloud as the first resistance area.
In the 4hr TF, price has hit the 200 EMA. Traders are expected to take some profit at 200 SMA/EMA. You could buy the dip.
We see that price has bounced off the mid of BB and if it holds, it could move up in below manner till it reaches the major resistance (the ichimoku cloud area).
So, stay long and enjoy the ride up until the trend change.
Friday candle has surpassed the Thursday shooting star candle which is a display of continuation of the upwards trend. It is likely to test the upper descending channel, with the ichimoku cloud as the first resistance area.
In the 4hr TF, price has hit the 200 EMA. Traders are expected to take some profit at 200 SMA/EMA. You could buy the dip.
We see that price has bounced off the mid of BB and if it holds, it could move up in below manner till it reaches the major resistance (the ichimoku cloud area).
So, stay long and enjoy the ride up until the trend change.
Daily support/resistance on 3rd July: 46.09, 45.62
Weekly support/resistance from 3rd July - 7th July: 44.49, 45.72
Weekly support/resistance from 3rd July - 7th July: 44.49, 45.72
Monthly support/resistance for Jul: 46.09, 45.61 (CLQ7: 46.13, 42.73 ; CLU7: 46.35, 45.92)
Monthly support/resistance for Jun: 48.38, 47.88 (CLN7, 48.44, 48.07; CLQ7: 48.68, 48.34)
2017 Yearly support/resistance: 49.35, 40.28
2017 Yearly support/resistance: 49.35, 40.28
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