Oil at a breaking point

fxstrategist

Corporal
Messages
742
Oil has found a good support at the 41.24 level and it has formed what it appears to be a descending triangle or pennant on the daily chart. To the upside, the 44.00 could act as resistance, but if oil breaks to the downside, the 40.00 level could act as support.

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Well, it did break and it is visiting the low at the 37.73 level. Oil may try to stall here or even retrace to the upside, but it stays weak.
lcrudejan16-d1-activtrades-plc.png
 
Oil is still at the 37.73 zone, it has found some support at the zone, but the bearish trend is still in place.
 
The drop in WTI oil continues and reaches the 34.00 level. There are no fundamental reasons for oil to rise for now, therefore it may continue towards the 33.00 level.
 
WTI Light crude oil drops again to 31 Dollars per barrel. The bearish momentum has accelerated and the commodity may try to reach the 30.00 level as forecast by many analysts.
 
The 32.00 zone could be a good resistance for the WTI Oil. If it goes back down, then the 31.00 could act as support.
 
Oil came close to the 35.00 level, it may try to reach that level if there is a production cut, it may even go to the 37.00 level.
 
Amazing support for WTI oil around the 28 Dollars per barrel. Possible double bottom formation developing.
 
The 29.00 level holding so far as support for WTI oil. Bearish trend is still in place and prices may try to drop again. Possible lower low.
 
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