Crude Oil Weekly Outlook - secondary flat within the primary bearish

Crude Oil Weekly Outlook - secondary flat within the primary bearish

6 October 2015, 21:11
Sergey Golubev
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Weekly price is on bearish market condition with below Ichimoku cloud for the secondary ranging within 54.27 resistance and 42.18 support:

  • Chinkou Span line is located below the price indicating the flat by direction;
  • Absolute Strength indicator is estimating the secondary flat within the primary bearish;
  • Nearest support levels are 46.22 and 42.18;
  • Nearest resistance levels are 54.27 and 69.57.

Resistance
Support
54.2746.22
69.57
42.18
  • if weekly price breaks 54.27 resistance so the secondary rally within the primary bearish market condition will be started;
  • if weekly price breaks 69.57 resistance so we may see the reversal of the price movement to the primary bullish market condition with the secondary ranging: the price will be inside Ichimoku cloud;
  • if weekly price breaks 42.18 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 levels.
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