Oil: Can support survive?
Today's focus: Oil
Pattern – Descending Triangle
Possible targets – 64.06 73.22
Support – 67.05
Resistance – 72.22 74.15
Hi, and thanks for looking at today’s update. Our attention is on oil after yesterday’s sharp selling took price back to key support. This level has held firm for buyers, but could this be the fourth time lucky for sellers? So far, production cut updates have done little more than spur on sellers.
Will we see buyers re-hold this level, or could we see a new break lower by sellers that gets the downtrend back on track?
Thanks for stopping by. Good trading, and have a great day.
Pattern – Descending Triangle
Possible targets – 64.06 73.22
Support – 67.05
Resistance – 72.22 74.15
Hi, and thanks for looking at today’s update. Our attention is on oil after yesterday’s sharp selling took price back to key support. This level has held firm for buyers, but could this be the fourth time lucky for sellers? So far, production cut updates have done little more than spur on sellers.
Will we see buyers re-hold this level, or could we see a new break lower by sellers that gets the downtrend back on track?
Thanks for stopping by. Good trading, and have a great day.
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.