July 23, 2016

CRUDE Oil weekend update

  • Month chart shows a bearish formation taking place provided the current month candle closes at the current levels or lower. Bearish month candle would confirm a bearish Evening star like formation which can extend the fall in crude oil.
  • The correction may be forming a right should of an Inverted head and shoulders pattern in weekly time frame. If the correction is limited 37 and 38 levels a Bullish pattern is possible in weekly chart.
  • Daily has fallen below 100 SMA, If price sustains below this line quicker falls are likely. Bulls need to get back above this moving average to negate the bearish views.