Crude Oil Intra-Day Technical Analysis - market rally before bearish breakdown

Crude Oil Intra-Day Technical Analysis - market rally before bearish breakdown

14 December 2015, 18:21
Sergey Golubev
1
200

H4 price is on bearish market condition with below of 100 period SMA and 200 period SMA. The price was bounced from 36.29 key resistance level for the secondary ranging condition within the following key support/resistance levels:

  • 39.68 resistance level located below 100 SMA/200 SMA in the primary bearish area of the chart; if the price breaks this level to above so we may see the local uptrend as the bear market rally within the primary bearish condition;
  • 42.95 key resistance level located on the border between the primary bearish and the primary bullish area of the chart; if the price breaks this level so the bullish reversal will be started with the secondary ranging: the price will be located within 100 SMA/200 SMA ranging area;
  • 36.29 key support level; if the price breaks this level to below so the bearish trend will be continuing without ranging up to the new intra-day resistance level to be forming.

Resistance
Support
39.6836.29
42.95
N/A
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