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Crude Oil Trades at Critical Resistance
Crude oil prices previously thundered through trendline support, but the break above trendline resistance led to impressive gains through recent trade. The commodity now trades near previous double-peaks at approximately 76.00, and the next day or so of price action could prove critical to broader direction. Near-term support is seen at congestion near 72.50, while a break of 76 resistance opens... [Read more]
Crude Oil At Crucial Resistance
Crude oil prices thundered through previous trendline support, and the former trendline now serves as resistance to further advances. Price has likewise been held back by falling trendline resistance from recent peaks, and short-term risks remain to the downside absent a noteworthy break higher. Nearest support comes in at congestion near 67.50, while subsequent resistance is seen at previous spike-highs... [Read more]
Crude Oil breaks Major Support Trendline – What’s Next?
Crude oil has fallen sharply on the day, breaking resoundingly below trendline and moving average support. Next targets include the commodity’s 200-day Simple Moving Average at 62.31, with previous spike lows near said mark reinforcing its significance. The breakdown bodes poorly for near-term price action, and previous congestion near 68 provides nearest resistance. Gold prices have fallen substantially... [Read more]
Crude Oil Forecast Bearish as Contract Breaks Key Support
Crude oil has fallen sharply on the day, breaking resoundingly below trendline and moving average support. Next targets include the commodity’s 200-day Simple Moving Average at 62.31, with previous spike lows near said mark reinforcing its significance. The breakdown bodes poorly for near-term price action, and previous congestion near 68 provides nearest resistance. Gold prices have thus far... [Read more]
Crude Oil Nears Important Support – Bounce Critical
Crude oil has fallen sharply on the day, testing its 50-day SMA and getting closer to long-standing trendline support. Potential price floors include the approximate trendline level at 68, while previous congestion near 67.50 likewise offers support. A break lower eyes extension towards August spike-lows near 65, while a hold of support keeps the commodity in its 12-month long ascending wedge formation.... [Read more]
Crude Oil Looks for Breakout From Range
Crude oil has fallen sharply on the day, testing its 50-day SMA and getting closer to long-standing trendline support. Potential price floors include the approximate trendline level at 68, while previous congestion near 67.50 likewise offers support. A break lower eyes extension towards August spike-lows near 65, while a hold of support keeps the commodity in its 12-month long ascending wedge formation.... [Read more]
Crude Oil Tests and Holds Key Support
Crude oil has fallen sharply on the day, testing its 50-day SMA and getting closer to long-standing trendline support. Potential price floors include the approximate trendline level at 68, while previous congestion near 67.50 likewise offers support. A break lower eyes extension towards August spike-lows near 65, while a hold of support keeps the commodity in its 12-month long ascending wedge formation.... [Read more]
Crude Oil Nears Key Technical Support
Crude oil has fallen sharply on the day, testing its 50-day SMA and getting closer to long-standing trendline support. Potential price floors include the approximate trendline level at 68, while previous congestion near 67.50 likewise offers support. A break lower eyes extension towards August spike-lows near 65, while a hold of support keeps the commodity in its 12-month long ascending wedge formation.... [Read more]
Crude Oil Holds Support, Further Bounce Likely
Crude oil has found noteworthy support at the 61.8 percent Fibonacci retracement of its multi-month advance at approximately the 60 dollar mark. Said level likewise coincides with its long-standing trend channel and its 100-day Simple Moving Average. Sharply oversold oscillators suggest that we may be in for further corrections through near-term trade, with former support offering resistance at 62.30... [Read more]
Crude Oil Forecast Turns Bullish on Hold of Support
Crude oil has found noteworthy support at the 61.8 percent Fibonacci retracement of its multi-month advance at approximately the 60 dollar mark. Said level likewise coincides with its long-standing trend channel and its 100-day Simple Moving Average. Sharply oversold oscillators suggest that we may be in for further corrections through near-term trade, with former support offering resistance at 62.30... [Read more]
