Crude Oil Weekly Outlook - breakdown to be started with triangle pattern to be broken

Crude Oil Weekly Outlook - breakdown to be started with triangle pattern to be broken

8 July 2015, 15:11
Sergey Golubev
0
680

Weekly price is on bearish market condition with below of 100-period SMA and 200-period SMA:

  • the price crossed 60.08 support level on close W1 bar for the bearish to be continuing;
  • triangle pattern was broken by price for good possible breakdown of the price movement;
  • next support levels to be broken are 51.39 and 45.17;
  • Nearest support levels are 51.39 (W1) and 45.17 (W1);
  • Nearest resistance levels are 68.00 (W1) and 86.37 (W1).

Resistance
Support
68.00 (W1)
51.39 (W1)
86.37 (W1)
45.17 (W1)
  • if weekly price breaks 68.00 resistance so we may see the secondary rally within the primary bearish market condition;
  • if weekly price breaks 45.17 support level so the primary bearish will be continuing without ranging up to the new 'bottom' to be forming;
  • if not so the price will be moved within the channel of 68.00 and 45.17.


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