Crude oil price drop back to the daily mid of BB as the ichimoku cloud prove to be a strong resistance. If it holds, a bounce back to break the ichimoku cloud is possible. Otherwise, expect it to drop further.
In the monthly TF, the mid of BB is still holding the price pretty well. I expect the price to continue to hold there. That means crude oil could be trading in a range in the next few weeks.
From the 4hr chart, price is bouncing from the ichimoku cloud and the 200 SMA.
In the weekly TF, price is below the mid of BB, signalling weakness in price. A drop to below 43 is possible.
In the monthly TF, the mid of BB is still holding the price pretty well. I expect the price to continue to hold there. That means crude oil could be trading in a range in the next few weeks.
Daily support/resistance on 24th July: 45.86, 46.38
Weekly support/resistance from 24th July - 28th July: 46.64, 45.95
Weekly support/resistance from 24th July - 28th July: 46.64, 45.95
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
No comments:
Post a Comment