
Crude Oil Weekly Outlook - breakdown to be started with triangle pattern to be broken
8 July 2015, 15:11

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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.