CRUDE OIL Daily Technical Analysis - bullish; correction to be started with 64.85 key resistance level
22 April 2015, 21:11
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- Tenkan-sen line is located above Kijun-sen line of Ichimoku indicator with 64.85 resistance level on D1 timeframe for bullish market condition to be continuing
- Daily price is located above Senkou Span A line which is virtual border between the bearish and the bullish on the chart.
- Price channel indicator is showing good uptrend which is going on since 27th of March this year.
- AbsoluteStrength indicator estimated the ranging market condition with the correction started on open D1 bar.
- Chinkou Span line of Ichimoku indicator is located above and near the price for breaking it from above to below with good possible breakdown of the price movement for daily timeframe.
- Nearest resistance level for the bullish to be continuing is 64.85
- Nearest support levels are 58.69 and 56.16
- Support level for the reversal of the price movement from the primary bullish to the primary bearish (reversal support level) is 54.07
| Resistance | Support |
|---|---|
| 64.85 | 58.69 |
| N/A | 56.16 |
Trend:
- H4 - correction within the bullish
- D1 - correction within the bullish
- W1 - market rally within bearish
- MN1 - ranging bearish
