CRUDE OIL Next Month Outlook - moved within narrow channel waiting for direction

W1 price is on bearish market condition since July last year: price crossed 'reversal' Senkou Span A line and moved up to 60.92 support for the secondary ranging. For now - the price is moved within narrow channel of 69.57 resistance and 60.92 support level waiting for direction for the bearish to be continuing, or for market rally as a local uptrend to be started. Senkou Span A line as the border between primary bullish and the primary bearish on the chart is located far above the price which make reversal to the bullish trend to be impossible for the next months.

• if weekly price breaks 69.57 resistance so we may see the market rally to be started as a local uptrend within the primary bearish market condition, and with the possibility of the reversal of the price movement from primary bearish to the bullish on the next months;
• if weekly price breaks 60.92 support level so the primary bearish will be continuing without ranging;
• if not so the price will be moved within the channel of 69.57 resistance level and 60.92 support level;
• Nearest key support levels are 60.92 (W1) and 45.17 (MN1);
• Nearest key resistance levels are 69.57 (W1) and 96.19 (MN1).

Trend:

• W1 - ranging bearish
• MN1 - ranging bearish