WTI oil has
been retracing to the downside from the 54.00 zone as shown on the daily chart
and accelerates its bearish momentum once it broke below the 52.00 level. The
drop on oil comes with a slowdown in the demand of crude, according to the
latest US data. The drop has taken the commodity very close to the 50.00 level,
which together with the 200 day EMA (blue line) at the 49.64 level could act as
support. Below the 200 day EMA, the next support is on the 47.00 level where it
made its most recent low. To the upside, the next resistances could come at the
52.00 level, the 53.00 level or the most important resistance at the 54.00
level.
Very helpful analysis.
ReplyDeleteIt might continue falling.
ReplyDeleteVery helpful assessment, I'll keep those levels in mind.
ReplyDeleteUseful information, thanks for sharing!
ReplyDeleteImportant information, will keep it in mind!
ReplyDeleteGood post. Very helpful.
ReplyDeleteInteresting to see how this develops.
ReplyDeleteIt seems unlikely that prices will return to sustained previous levels.
ReplyDeleteOil price is falling.
ReplyDelete