Crude oil technical view for traders

 

As we saw last Thursday, Oil is still above support. The 50 weeks MA line, the daily uptrend line and the 200 days MA line provide support to Oil’s price Oil was rejected last week by the 51-52$ resistance zone but as mentioned stayed above support. Oil looks fragile. A close below the Triangle will send it lower towards 45$. But… A close above 50$ can re-validate the bullish scenario.

Leave a Reply

Your email address will not be published. Required fields are marked *