Oil weekly technical analysis
WTI crude oil prices fired last week and tested almost 51$ but after that it started a pressure wind and updated a low of 49$ , final weekly close came at 49.50$ . This week our chart suggests support at 52.20 . if crude price click our weekly resistance at 52.20$ and close above our major technical hurdle then expect crude to fire more upto 54.90$ – 57.80$ and even more .
If crude oil price click our weekly technically support at 45$ and close beneath our major weekly crude support this week then expect market to favour crude oil sellers upto 43$ – 40.50$ and if crude test below 39.80$ then expect another round of fresh selling upto 38$ – 36$ and more yearly lows not ruled out .
WTI crude oil analysis conclusion : Trend is positive for now . So avoid any major selling and keep an eye on live market hours updates .
More will update to our trading signals subscribers during live market hours if market reacts sideways .
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