Crude Oil prices are now testing the weekly support zone
USOILCrude oil prices have plummeted from two major lines in weekly chart analysis.
The first line is 2 years maturity of uptrend line that established from February 2016 to October 2018.
The second line is 4 years maturity line until February 2020 in which broken by strong bearish candle in Feb 24.
The neckline has also been broken according to the double top pattern between the two lines and
we can also measure the distance to the downside from the neckline by pattern size.
It is measured that the distance from the neckline to the bottom would be declined to $34.
The Weekly support zone is under testing and if weekly candle closed with a strong bearish candle,
it's likely that the price will continue to fall next week.
Therefore, we have to wait for this weekly closing price to be able to trade only in the opinion of my technical analysis.
We'll update again next week.
Thanks...
Golden VIP
Forex, Gold & Oil Trading
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