Crude Oil Technical Perspective – Accidental support is provided quickly

Fuel technical view

  • Crude oil is being reduced to a large hidden support
  • Relief departure may at least be in store

Crude Oil Technical View – Quick support

It has not been weak since its long-term resilience near the 76-line crude oil field. This has a supportive environment in the area where it is less focused. It is mixed with an average of 200 days moving from the massive low trend line caused by Saudi fears.

The two collide around 60 signs and may at least provide a floor to rise. The trend from the bottom to the top is clear, and perhaps the lower one goes up to the other leg. But even if that doesn’t happen, it will still be worth the effort.

At the end of the day, I look at the dynamics of support for sales fatigue. A sharp reversal date can be given as such. The low pressure created during such an event is seen as a line in the sand.

Courageous long-term players may see this as a good risk / rewarding opportunity to join the trend, while short-term traders, as noted above, may see excessive cross-country play with back-and-forth. Rest through trend support.

Raw Oil (CL) Daily Table

Crude oil chart by TradingView

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— Written by market analyst Paul Robinson

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