Evening Traders,
Today’s technical analysis will focus on CRUDE OIL with its biggest gap down ever, breaking a key local resistance that is likely to be tested with an oversold bounce.
Points to consider,
- Local yearly support breached
- Multi-year structural support in confluence with Fibonacci Extension
- RSI in oversold territory
- Stochastics in lower regions
The coming weeks for Crude Oil will be crucial especially in the current economic turmoil. Local support has been breached promptly with a full body candle close setting one of the largest gap opens.
Structural support is in confluence with the 1.414 Fibonacci extension, this level was respected by the bulls with a strong wick up. The Stochastics on the other hand is in the lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the upside.
Overall in my opinion, CRUDE OIL needs to rebound and close above local resistance. If an S/R flip is confirmed at local resistance, then the likelihood of lower levels increase greatly.
What are your thoughts?
Please leave a like and comment,
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
Today’s technical analysis will focus on CRUDE OIL with its biggest gap down ever, breaking a key local resistance that is likely to be tested with an oversold bounce.
Points to consider,
- Local yearly support breached
- Multi-year structural support in confluence with Fibonacci Extension
- RSI in oversold territory
- Stochastics in lower regions
The coming weeks for Crude Oil will be crucial especially in the current economic turmoil. Local support has been breached promptly with a full body candle close setting one of the largest gap opens.
Structural support is in confluence with the 1.414 Fibonacci extension, this level was respected by the bulls with a strong wick up. The Stochastics on the other hand is in the lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the upside.
Overall in my opinion, CRUDE OIL needs to rebound and close above local resistance. If an S/R flip is confirmed at local resistance, then the likelihood of lower levels increase greatly.
What are your thoughts?
Please leave a like and comment,
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt