U.S. crude oil prices pushed higher in early Asian trading on Wednesday, partly recovering from a 6 percent drop in the previous session led by concerns over demand and weak equities. Before that Crude oil fell for a fourth-straight session on Tuesday to settle $1.75 lower.
On Technical charts, Major trend of crude oil is strongly bearish and market is making lower top and lower bottom formation in downward sloping channel on chart. Market look like, it is likely to go below its recent significant low of $27.52. During last week trading session it has been taking resistance of 200 DMA on four hourly chart. Expanding of bearish gap of 200 DMA and 50 DMA dead cross on technical chart will fuel the down side momentum. Resistance is seen near the significant high of $33.55, while support is seen at $27.50. On intra day basis Crude oil price likely to trade lower today. If it break the support of 27.50 then it is likely to show the level of 26.00.
Indicators
RSI is still place in negative territory below the mark of 50.
Morning Kate, looks like Oil is setting new lows again, when would be best short?
Thanks
D
piponomics
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Yes Damon, hope you are enjoying your profit ha :)
thulasi
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Gm Kate
its better to exit aususd looks to me trend changed for now they are going to take it up to .72 area before bring it down(usdcad also about to reverse its course) .looking at oil looks like one last wave left(towards 24.6---25 dollar area coincide with 1.618% fib extension of the first wave which was 540 pip from 34.8 to 29.4)then they are going to take it up to 30$---31 dollar(4th wave ) similarly usdcad might make its final push to 1.4030 area then fall towards 1.35----1.355