Crude oil technical play for week 30 July 25, 2016-July 31, 2016
Shorting Crude oil
Earlier in the month we missed two critical demand areas where price could have turned back up. But due to low demand and price kept falling significantly. The demand areas are shown by the green boxes where price failed and demand dropped. We are likely to descend below the red support line area where price tried to stabilize. But friday we eventually broke below that level.
So for now only support we are left with is at 41.56. Any time the price touches the purple line trend line up top sell till 41.56.
If the price breaks the trend line up top than buy till demand area 1 and 2.
Earlier in the month we missed two critical demand areas where price could have turned back up. But due to low demand and price kept falling significantly. The demand areas are shown by the green boxes where price failed and demand dropped. We are likely to descend below the red support line area where price tried to stabilize. But friday we eventually broke below that level.
So for now only support we are left with is at 41.56. Any time the price touches the purple line trend line up top sell till 41.56.
If the price breaks the trend line up top than buy till demand area 1 and 2.
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