Are the sellers in control already?
Crude Oil dropped on Friday after sellers kept their offer higher than the demand below the $90.23 main resistance.
Our first target on the short side was hit this morning as the price tested the lower border of the wedge (T1 line). Next, on the short term, we expect further decline as soon as the T1 trend line will break. The $86.50 area is clearly a key zone for the future price as it could hold as a support and, after the break of it, will stand as the main resistance.
There are two scenarios presented in the chart below (30 min. timeframe) that can fit the future market conditions. The $88.00 area is today’s resistance and a failure of breaking those levels will confirm the sellers’ strength. The main target in case of a down-break is set at $83.60 area.
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