major support at 42.5
If we break this support then oil will be hammered again keep an eye on a close below 42.5 weekly
notice the volume increase this week and last week
for the short term we might have a bounce if we failed to close below 42.5
the momentum now is showing weakness in oil and volumes are supporting the downtrend so short if we close below 42.5 on a weekly basis
but this is a strong resistance institutional investor might have buy positions at this level if they start selling then oil will loss heavily
notice the volume increase this week and last week
for the short term we might have a bounce if we failed to close below 42.5
the momentum now is showing weakness in oil and volumes are supporting the downtrend so short if we close below 42.5 on a weekly basis
but this is a strong resistance institutional investor might have buy positions at this level if they start selling then oil will loss heavily
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ooopla
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.