Oil at a breaking point

[fxstrategist]

Oil tries to pullback to the 42.00 level on the daily chart and it may bounce from that level to the downside and visit the 40.00 level.

 

[fxstrategist]

WTI oil rallies, but it may go back down to its bearish trend.

 

[fxstrategist]

One year low on WTI oil. It has been a year and a day since the price of WTI oil didn’t visit the 56.00 zone. WTI oil makes a low around the 54.95 level, but it stays consolidated around the 56.00 level, which could act as support. On the other hand, if WTI oil confirms a breakdown below the 56.00 level, then it could have the road clear to the 49.00 level. If the price pulls back to the upside, then the 200 week EMA around the 61.35 level could act as resistance. Also, if the 55 day EMA breaks below the 200 day EMA, then we could see a death cross, which has bearish implications in the mid-term. Therefore, in the short term the price of WTI oil may pull back, due to the fact that it is over-extended to the downside, but in the mid-term it could continue dropping.

 

[fxstrategist]

WTI oil has been pulling back up and manages to break above the 53.00 zone from the 49.00 zone. However, the price of oil is having difficulties in staying above the 53.00 level and it could go back down to its bearish trend. To the downside, the 49.00 zone could act again as support.

 

[fxstrategist]

WTI oil keeps consolidating between the 51.00 level and the 53.00 level without a clear direction during the past few weeks. The bearish trend is still in place, but that does not mean that the price cannot break to the upside. Above the 53.00 level, its next resistance could be the 57.00 level and to the downside, the 49.00 level could act as support.

 

[SNG12]

Are there any supporting fundamentals for the oil uptrend in the next 1-2 weeks? I think it still remain fully bearish until a strong supporting news from Arabian countries or USA