May 14, 2018

CRUDE Oil trend update | 200 SMA and Month resistance lines

  • Daily trend continues to favour bulls. 3 times price tested the cloud But bulls managed to hold one. Larger trend will remain safe till price stay above daily cloud.
  • Month chart with Fib levels shows a possible target between Golden ratio and 78.6% Retrace level. This level also coincides with some of the falling resistance lines from 147 levels.
  • But major event to look out is the move above 200 SMA. In Month time frame this event results in Major directional moves.