Overview :
Crude oil futures for delivery in March traded below $27 per barrel for the majority of the trading session, marking the second time this year that crude has traded around this level. Prior to 2016, the last time that crude oil futures traded below $27 per barrel was in September 2003.
On Technical charts, Major trend of crude oil is strongly bearish...
After failing to break above the grey resistance zone we now find ourselves back at the 28.10-27.54 support zone. A break below here will indicate further decline in the market with 25.13-23.61 zone being reached.
Shorting below $28.10- $27.54 zone
I love to wake up on Mondays to find I'm better off than Friday. This has been a feeling I have gotten use to this year. I just afraid I'm getting addicted to low oil. What will I do when we hit $20?? Sure the other side the trade will offer some help once oil reaches its low (around $17bbl I'm predicting). But then what... Oil will not have the upside in the near...
It looks like the weather in China and USA are in play in these moments. However, the bullish crab pattern on D1 (green) is still valid and there’s no bullish divergence or reversal bar pattern yet, so the price may continue pressuring the downtrend.
But in the same time, on H4 chart, the bullish divergence present could help to support the idea that the price is...
Bullish Crab pattern at risk, below 25.10 will be invalid, no more pattern projection if this happen. Monthly chart will be the only reference in the long term.
Not the best bullish shark patten projection (point C is about 20 percentage points aout of rule). Below 28 the formation will be invalidated. Support at 25.00
If Shark pattern is invalidate (most probably), bullish B-fly and Crab will take the place targeting point D at 16 or below.
