Oil at important resistance area

Metals on the rise
July 21, 2017
Έξοδος…από την αγορά ή στις αγορές;
July 21, 2017

Oil price got rejected yesterday once it reached the Daily Kumo (cloud) resistance at 47.30$. Oil price could be making a double top reversal here if we see price remaining below the Daily Kumo (cloud). A rejection at current levels will bring pressure to oil prices. A break below 46-45.70$ could signal a reversal confirmation and more downside ahead for Oil prices….the longer-term pattern remains bearish as price is making lower lows and lower highs. So we could be on the verge of the start of a new downward move towards 40$.

On the other hand if Oil price breaks above 48.50-49$ it could move towards the blue trend line resistance at 52$. Critical support is at 44.80-45.50$ zone.

Thank you for taking the time to catch up on my thinking.

 

 

Alexandros Yfantis
Alexandros Yfantis

Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.