US OIL D1 - test of key support area before EIA weekly report
The WTI OIL price in US dollars is moving in wide consolidation, where the upper limit is around 55.00 range. On the other hand, support from the bottom provides zone around 43.30 level.
It was just the aforementioned support zone that price reached yesterday, setting another lower low. Within the consolidation we can notice a smaller downward trend, where the lows and highs shown in the chart below are formed at lower and lower levels.
It is possible we will see a further rebound from support area. However, if the downward trend is to continue, after a short break area around 43.30 may be broken. It would then open way to key support around the $40.
It was just the aforementioned support zone that price reached yesterday, setting another lower low. Within the consolidation we can notice a smaller downward trend, where the lows and highs shown in the chart below are formed at lower and lower levels.
It is possible we will see a further rebound from support area. However, if the downward trend is to continue, after a short break area around 43.30 may be broken. It would then open way to key support around the $40.
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