Crude Oil: Blueprints 2
Updated
Yesterday, Oil ended its sixth bearish session. It is currently leaning on its 42.55 support level, which is a critical level. Oil will move downward toward 40.26, with 41.84 as a primary objective, should it breakout 42.55.
Oil will have 43.57 as a resistance level, today. Breaking out this level will send it back to 44.4, with 43.9 as a primary objective.
The trend remains bearish until inversion signals are formed.
The daily Pivot Point is around 43.266. The daily support levels are around 42.42 and 41.77. The daily resistance levels are around 43.91 and 44.75.
Oil will have 43.57 as a resistance level, today. Breaking out this level will send it back to 44.4, with 43.9 as a primary objective.
The trend remains bearish until inversion signals are formed.
The daily Pivot Point is around 43.266. The daily support levels are around 42.42 and 41.77. The daily resistance levels are around 43.91 and 44.75.
Note
Oil continued its bearish streak last week, as it fell back to its 40.26 support level, less than 2 dollars above this year's low. Oil will have 38.18 as an objective, and 39.29 as a primary objective, should it breakout 40.26.
Oil will have 41.65 as an objective, should an inversion occur.
The daily Pivot Point is around 41.05. The daily support levels are around 39.9 and 39.06. The daily resistance levels are around 41.89 and 43.04.
Note
The trend is still bearish, as a breakout of 39.91 will send Oil to seek further lows, with 38.18 as an objective. A breakout above 41.55 will cancel the send Oil back to re-visit 42.55, with 41.92 as a primary objective.
The daily Pivot Point is around 40.71. The daily support levels are around 39.87 and 39.07. The daily resistance levels 41.51 and 42.35.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.