- First chart shows another failed bullish attempt and price falling back into the range.
- 4 Hour time frame shows price in a 25 point range. 2165 and 2190 are the extreme ends of the range, Unless the extremes gets violated on closing basis price likely to remain in this range.
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- Crude oil 4 hour chart shows previous resistance acting as support
- One hour chart also shows support near 200 Hour SMA.
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- 1335 is acting as strong support But this support is part of a descending triangle pattern so breakdown is possible if gets tested again.
- The falling black resistance line must be held for the bearish pattern to stay valid.
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- Crude oil 15 Minutes chart trying to trend below the cloud.
- One hour has fallen below the cloud.
- Next crucial level is 200 Hour SMA. Bigger down moves if this level is not held.
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- 2nd chart is crucial, the one hour time frame shows several attempts by bears and bulls to move away from the range. Now bulls are making another attempt to break away from the range.
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- Crude broke below 50 Hour SMA. Price is now testing 100 Hour SMA and cloud bottom. Closing below these levels will weaken crude bulls further. Bulls need to hold on to the cloud to avoid a bigger correction.
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- Crude oil testing 50 Hour SMA and the channel support line.
- For a possible trend change price must break below the hourly cloud, Till then bulls are safe.
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