There appears to be a price range currently serving as support (37.500) and resistance (41.500). On the 1 week chart, oil seems to be heading towards the resistance 41.500 as highlighted by the failed attempt to break through the 4 hour pivot point (40.00). There is a possibility of it retesting the pivot point but In the long run oil is most likely to reach the...
Firstly, oil failed to break the 13.70 zone resistance after multiple attempts. Previous days closing price tested but also failed to break through the pivot point (4 hour chart). (Looking to take profits at 10.20)
Oil has encountered a strong support around the 13 zone which was obeyed in 1989, 1994, 1999 and recently, 2020 (refer to your charts). However there’s no way to be certain without confirmation so please trade with care.
Oil right now appears to be in a downtrend meaning the gradual increase in price over the past few day’s has merely been a pull back. The pull back however, seems to have been exhausted as it’s encounter a strong resistance around the 17-17.50 zone (illustrated by the multiple failed attempts to breakthrough). This theory is supported by the formation of the doji...