Crude oil has a strong finished for the week. The daily ichimoku cloud is acting as a support for a bounce towards the mid of BB and 200 SMA/EMA. Could 50 be on the table?
From the weekly chart, the mid of BB is holding the price. The price could bounce to around the upper ichimoku cloud. If more bearish sentiment comes and the support may not hold, a fall would come as drawn below.
In the 4 hours chart, price is currently resisted by the ichimoku cloud and the 200 EMA. Overcoming the resistance would push the price to test the 200 SMA otherwise back to 20 SMA.
From the monthly chart, price has been bouncing off the mid of BB for 4 months. Will it repeat the same pattern this month? Do take note that the 20 sma is slopping up, therefore bears have to be cautious.
In the 4 hours chart, price is currently resisted by the ichimoku cloud and the 200 EMA. Overcoming the resistance would push the price to test the 200 SMA otherwise back to 20 SMA.
From the monthly chart, price has been bouncing off the mid of BB for 4 months. Will it repeat the same pattern this month? Do take note that the 20 sma is slopping up, therefore bears have to be cautious.
Daily support/resistance on 4th Sept: 46.96, 47.22
Weekly support/resistance from 4th Sept - 8th Sept: 47.20, 46.89
Monthly support/resistance for Sept: 47.40, 48.01 (CLV7: 47.41, 48.05 ; CLX7: 48.05, 48.38 )
Monthly support/resistance for Aug: 49.12, 47.03 (CLU7: 49.15, 47.12 ; CLV7: 49.28, 47.25)
Weekly support/resistance from 4th Sept - 8th Sept: 47.20, 46.89
Monthly support/resistance for Sept: 47.40, 48.01 (CLV7: 47.41, 48.05 ; CLX7: 48.05, 48.38 )
Monthly support/resistance for Aug: 49.12, 47.03 (CLU7: 49.15, 47.12 ; CLV7: 49.28, 47.25)
2017 Yearly support/resistance: 49.35, 40.28
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