Light Crude Oil prices draw near Fibonacci Retracement 61.8% at 47.24. Observing the H4 chart, 47.24 previously held as a resistance in March which may now possibly turn into a support. However, candles just broke below the upward sloping trend line, indicating a strong bearish trend. Candles have yet to exhibit signs of a support and prices may continue falling towards the next level of exhaustion at 78.6% at 45.83 before a reversal occurs.
Focusing on the hourly chart, candles now draw near Fibonacci Expansion 200.0% at 47.18. Bearish momentum continues to remain strong as observed by the constant declining of prices over the past 8 candles after finding resistance at the trend line. Currently, there is no confirmation of a reversal of trend direction and should candles break below 47.18, traders may await for exhaustion to occur at 261.8% at 45.57 before engaging in a longing position.
Trend Direction | S3 | S2 | S1 | R1 | R2 | ||||
| Bearish if candles break below 47.18 today | 45.00 | 45.70 | 47.18 | 48.00 | 49.00 |