Is oil about to crash to the 60.00 level again?
Technicals perfectly matching on this charts. Momentum slowing down as you can see on the RSI. On the lower timeframe (daily and below) we recently saw the impulsive oil drop that does not look like it's going to stop really soon.
Price may go up towards the 75 level and build up some decent resistance right there before it drops down. The trendline from June 2017 is quite strong and if that significantly breaks, oil prices are likely to fall down further towards the 60 level. Maybe the weekly COI (Crude oil inventories) can push this to this area.
A significant move above 75 will make this setup invalid.
A break of the trendline or break of the lows means we can start to expect bearish movement and a drop off towards 60
Price may go up towards the 75 level and build up some decent resistance right there before it drops down. The trendline from June 2017 is quite strong and if that significantly breaks, oil prices are likely to fall down further towards the 60 level. Maybe the weekly COI (Crude oil inventories) can push this to this area.
A significant move above 75 will make this setup invalid.
A break of the trendline or break of the lows means we can start to expect bearish movement and a drop off towards 60
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