Crude Oil Weekly Outlook - crossed psychological level for 51.28 as next target

Crude Oil Weekly Outlook - crossed psychological level for 51.28 as next target

17 July 2015, 18:11
Sergey Golubev
0
970

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

  • the price crossed 60.00 psychological level on close W1 bar for the bearish to be continuing with 55.06 as the next target;
  • triangle pattern was broken by price for good possible breakdown of the price movement;
  • next targets are 55.06 (support level), 51.39 (support level) and psychological level as 50.00;
  • Nearest support levels is 55.06 (W1) and 51.28 (W1);
  • Nearest resistance levels are 66.21 (W1) and 67.81 (W1).

Resistance
Support
66.21 (W1)
55.06 (W1)
67.81 (W1)
51.28 (W1)
  • if weekly price breaks 67.81 resistance so we may see the secondary rally within the primary bearish market condition;
  • if weekly price breaks 51.28 support level so the primary bearish will be continuing without ranging up to 45.07 as the next target;
  • if not so the price will be moved within the channel of 67.81 and 51.28.
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