Oil at a breaking point

[fxstrategist]

WTI oil breaks above the 37.00 level and keeps its bullish trend. Next resistance may be the 40.00 level.

 

[fxstrategist]

Oil is still falling and we can see that it has been kind of hard for crude to rally consistently above the 40.00 level. The commodity may go back to its bearish trend.

 

[fxstrategist]

Light crude oil may continue falling further after the retracement to the 37.00 area.

 

[fxstrategist]

Oil WTI goes back to the 200 day EMA from where it may bounce to the downside, but a breakout of that level could take oil to the 44.00 level.

 

[fxstrategist]

Oil has confirmed a change in direction to the upside on the daily chart and stays above the 44.00 level, a correction may be close, but the bullish trend is still in place.

 

[fxstrategist]

Oil could not break above the 46.00 level and now is trying to pullback, maybe to the 44.00 level.

 

[fxstrategist]

WTI Oil is correcting to the downside, but the bullish trend is still in place. The commodity may try to reach the 50.00 level.

 

[fxstrategist]

Oil seems to be heading back to the 50.00 level, but that zone could act once again as resistance.

 

[fxstrategist]

WTI Oil is still close to the 55 day EMA, the 46.00 level may act as support, the 50.00 level may continue acting as resistance.

 

[fxstrategist]

Oil WTI is still between the 46.00 as support and the 50.00 level as resistance.