May 4, 2017

CRUDE Oil Broken support levels

  • Crude oil daily chart has broken the crucial support zone around 47 .  Daily trend line too stands broken.
  • Weekly chart shows a big bearish candle. Its looking good for bears but week need to close at the current levels or lower. Up moves from the current levels are likely to give shorting opportunities in the coming week.

CRUDE Oil Trend update

  • Crude oil daily testing crucial support zone at 47. The trend line which has held so far from 35 levels has been violated But bulls still has hope at 47 level. Bigger worry for bulls only if this level gets broken on closing basis.
  • Another negative view for Crude bulls is the position below 200 Day SMA, Recent falls below 200 SMA has resolved in favour of bulls But for now 47 level is crucial for this to repeat.
  • APPLE Chart Analysis