AvaTrade - Analytics

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    Crude Oil – Trading near support zone

    Crude oil is trading below its downward trend line on a 4 hour time frame. The price is trading near the minor support zone which is mentioned below. If the price stops its downward move at this level and successfully breaks the 50 and 100 day moving averages shown in yellow and red respectively, then the strong bias will be towards the upside. In terms of patterns we have broken descending triangle pattern and the price has almost completed its projection which was near enough at its minor support zone.

     

    The RSI indicator is trading near the over sold some and this translates that the downward momentum has slowed and the bias is towards the upside.

    Crude 24-7-2015

    Important zones

    50.05- 50.61 minor support

    48.60-48.08 major support

    55.29- 54.80 minor resistance

    57.91-57.41 major resistance


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