crude oil weekly technical analysis
Last week WTI crude oil prices crashed and tested 7 year low . This crash came after OPEC meeting . OPEC decided not to take action against falling oil . Instead they increased production . This news caused the major crash in crude oil prices and it nose dive . Now it closed at 35.45$ . Major economies which are very much connected to crude oil prices may feel more heat as trend may continue for a while .
This week price has a weekly support at 33$ . If market break this and test our chart support and manage to close beneath this then another heart attack for buyers upto 31$ – 29$ this week .
If crude oil price break our chart resistance at 39$ and manage to close above our technical hurdle then expect a small respite in prices upto 41$ – 44$ this week .
Weekly crude oil technical analysis conclusion : Trend is in favor of sellers . Avoid any buying for now .
I am receiving many emails regarding this downtrend . Main question is if it will test 20$ .
Well answer is lets wait and follow technical levels rather believing and trading on market rumours . Rumours come and go but levels would protect you against any major volatility . This black gold is trading in very crucial range and any news , negative or positive could pull or drag it 5-7% in intraday . So avoid trading on rumours and trade with strict stoploss .
Fed will have its say this week which would not effect directly to crude oil prices .But it will have an impact on prices . So keep an eye on this week’s major event .
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