According
to the US oil inventories, the production of oil in the North American country
has been rising, causing the price of WTI oil to drop from the resistance zone
at the 54.00 level and dropping below the 52.00 level. Right now the price of
crude is finding some support at the 55 day EMA (purple line), but if it
confirms a breakdown below that zone, oil could try to reach the 50.00 level.
Below the 50.00 level, its next support level could be the 200 day EMA (blue
line), around the 48.41 level. In case the price goes back up, it would be
entering the congestion area between the 52.00 level and the 54.00 level where
it has been since the beginning of December. From that consolidation zone the
price has no clear trend.
Still consolidating in the mid term.
ReplyDeleteVery helpful article.
ReplyDeleteVery helpful assessment as always.
ReplyDeleteGreat assessment,I fully agree.
ReplyDeleteWell spotted! I'll keep an eye on it.
ReplyDeleteInteresting article!
ReplyDeleteVery interesting! Thanks!
ReplyDeleteConsolidation continues.
ReplyDelete