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.

No comments:

Post a Comment