The 34 mark is proving to be a resistance.
If after the first attempt on May 21st, the second attempt also fails at the 34 level, a major correction to the $25-28 level is imminent.
This level has proven to be a strong resistance and support. Additionally it is a Fibonacci retracement.
Overall, the upward trend in oil should continue, so the $25 mark should serve as support for a price level above $35.
If after the first attempt on May 21st, the second attempt also fails at the 34 level, a major correction to the $25-28 level is imminent.
This level has proven to be a strong resistance and support. Additionally it is a Fibonacci retracement.
Overall, the upward trend in oil should continue, so the $25 mark should serve as support for a price level above $35.