March 12, 2016

CRUDE oil Bottom formation and Resistance levels

 
  • Daily time frame is trying to show a V shaped reversal or bottom formation in crude oil. But price need to sustain above 38 levels and move above 200 Day SMA to confirm a bottom formation. Last 2 attempts at 200 SMA resulted in good gains for Bears. 
  • One hour cloud acting as good support so far.