August 6, 2016

CRUDE Oil Weekend update

  • Crude oil 4 hour chart shows price trying to form a bottom formation. More strength if price stays above 42.22 levels. Weakness if price falls below 41.06
  • Daily trying to stay above 200 Day SMA. Further weakness in daily time frame only if price falls back below 200 SMA Again.
  • Weekly Inverted head and shoulders depends on the Daily 200 SMA. If bulls hold above the right shoulder of this Big pattern is possible.