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

14 October 2015, 12:11
Sergey Golubev
0
988

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

  • the price is trying to cross 54.27 resistance level on close W1 bar for the secondary market rally to be started;
  • symmetric triangle pattern was formed by the price to be broken for the direction;
  • nearest support levels are 46.22 (W1) and 42.18 (W1);
  • nearest resistance levels are 54.27 (W1) and 69.57 (W1).

Resistance
Support
54.27 (W1)
46.22 (W1)
69.57 (W1)
42.18 (W1)
  • if weekly price breaks 54.27 resistance on close weekly bar so the secondary market rally will be started;
  • 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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