August 3, 2017

CRUDE Oil support and resistance lines

  • Crude oil is at a confluence of support and resistance. If the support line shown in 2nd chart is held a bigger breakout is possible.
  • Resistance line has worked well so far But after the Initial drop price is likely to test the resistance line again. One has to wait and watch if it holds or price moves past the line towards 52 levels. Weakness below 48 levels.