Since the start of the year the commodity lost more than 15.5% and is in a bearish phase since the beginning of November 2015 but looks like is getting ready for a phase change.
Last week the crude oil went back and forward without any clear direction and closed in the middle of the weekly range, however managed to close within the previous week range, suggesting a lack of momentum.
Stochastic is showing lack of momentum however is still below the 50 mid line.
Expecting an upward move to a weekly resistance at 43.56 on a break above a Fibonacci extension at 35.55 (scenario 1) and a break below the previous week low at 30.64 may trigger another downward move to a Fibonacci extension at 26.07 (scenario 2).
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Thank you for the excellent analysis.
Good point! I´ll be watching to those levels.
Very helpful analysis, thank you for sharing!
Interesting levels to be watchful of, thanks for the info.
Great analysis, Thank you.
Consolidation mood continues.
It’s hard to tell the direction now…
Great post.
Thank you for the analysis.