First level of support is 43.50, while first resistance is 43.90. This is the range Oil should break in order to define a possible new short-term trend. Second level of support is 43.10 while second level of resistance is 44.40.
Chart: USOil D1
Wednesday, November 11, 2015
Oil At Support
Oil is trading lower in today's early European session with price below 43.80. Price is yet to test support at 43.50 as it has already done so a few times this week. Oil seems to hold strong above 43.50 so a break below this would indicate that further down move is to be expected.
First level of support is 43.50, while first resistance is 43.90. This is the range Oil should break in order to define a possible new short-term trend. Second level of support is 43.10 while second level of resistance is 44.40.
Chart: USOil D1
First level of support is 43.50, while first resistance is 43.90. This is the range Oil should break in order to define a possible new short-term trend. Second level of support is 43.10 while second level of resistance is 44.40.
Chart: USOil D1
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Great assessment. I'll keep a close eye on it.
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ReplyDeleteConsolidation above the support level continues.
ReplyDeleteThe decline reinforces the idea of the transformation of oil power into economic power.
ReplyDeleteThanks fot this analysis, will keep it in mind.
ReplyDeleteThe trend is still bearish.
ReplyDeleteIt's testing the support level at 43.10.
ReplyDeleteInteresting analysis.
ReplyDeleteThanks for your analysis.
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