Oil has a bullish week due to bullish inventory report and geopolitical news. In the weekly TF, price is still supported by the ichimoku cloud and it has a break-out to be confirmed next week.
In the daily TF, we can also see that price is break out of the upper channel, pending confirmation. If that is a false breakout, the below elliott wave pattern could pan out.
However, in the monthly TF, price is bouncing from the mid of BB. It could continue to bounce to test the monthly ichimoku cloud.
In the daily TF, we can also see that price is break out of the upper channel, pending confirmation. If that is a false breakout, the below elliott wave pattern could pan out.
Daily support/resistance on 31st July: 49.64, 49.34
Weekly support/resistance from 31st July - 4th Aug: 49.06, 47.61
Monthly support/resistance for Aug: 49.12, 47.03 (CLU7: 49.15, 47.12 ; CLV7: 49.28, 47.25)
Weekly support/resistance from 31st July - 4th Aug: 49.06, 47.61
Monthly support/resistance for Aug: 49.12, 47.03 (CLU7: 49.15, 47.12 ; CLV7: 49.28, 47.25)
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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