CL Monthly Technical Outlook - 9th July 2016
Updated
From a technical perspective, the oil price has turned quite interesting since the start of a new trading month. The chart below shows the monthly rolling oil contract chart where June’s price action closed in a doji. It gains significance following three straight months of gains. The monthly Stochastics also shows the hidden bearish divergence currently playing out, as prices form a lower (June) high at $51.66 and the higher Stochastics while, the higher (May 2015) high at $62.51 and the subsequent lower high in the Stochs.
In the near term, oil prices could remain range bound within 48/49 and 44/45 levels.
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In the near term, oil prices could remain range bound within 48/49 and 44/45 levels.
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Comment
54.92 still holdingComment
a break below 44.80-43.40 opens up the downside towards 35.xx and 30.xx
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