Crude oil has an interesting movement this week. It moves up to 49+ and then profit taking till around 47+. At daily, weekly and monthly TF, price is resting at the mid of BB (20 SMA). If this support give way, oil going to test the lows of 40 again otherwise bounce to test 50. From the daily TF, a evening star pattern could be seen. This could signify further downside in the short term.
47.8 - 48.29 seems to be a very important area. Price could be stuck at this region for the next few days.
47.8 - 48.29 seems to be a very important area. Price could be stuck at this region for the next few days.
Daily support/resistance on 11th Sept: 47.8, 48.27
Weekly support/resistance from 11th Sept - 15th Sept: 48.29, 47.8
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 11th Sept - 15th Sept: 48.29, 47.8
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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