The 44.00
level has been a very good support for light crude oil since the end of August
and even though the price has tried to break it to the downside, it has always
bounced back to the upside. However, oil has had a very good sustainable
downtrend as we can see on the daily chart and it is possible that this time
the price is falling with enough force to break below the 44.00 level. If the
44.00 level is breached to the downside, then the bearish momentum may
accelerate and the price may try to go and visit the 40.00 level. But if the
price bounces from the 44.00 to the upside, then the 46.00 may act as a
resistance.
Well spotted! I'll keep it in mind.
ReplyDeleteNow in a steady decline.
ReplyDeleteThe move to the downside continues.
ReplyDeleteThat's good to know, thank you!
ReplyDeleteGreat analysis, thank you.
ReplyDeleteGood analysis.
ReplyDeleteI will keep eyes on those levels.
ReplyDeleteGreat analysis! Congratulations.
ReplyDeleteGreat analysis, Thank you for sharing.
ReplyDelete