02/02/15 Light Crude Oil prices breaks above 45 after reports shown oil rigs were taken offline


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Light Crude Oil prices breaks above 45 after reports shown oil rigs were taken offline in the U.S and Canada. Prices rallied with candles finding resistance at 47.91 and 104 EMA on H4 chart. However, this could be a result of profit taking in the market from the bullish bets last week. In addition, with no existing solutions to tackle the problem of declining prices, prices are expected to continue falling in the long run with 45.00 as the main support.

 

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Focusing on H1 chart, candles are observed to be resisted by the downward sloping trend line. Candles are expected on the bearish run after the surge last week and we can expect candles to once again test 45.00 again.

 

Trend Direction
 S3
S2
S1
R1
R2
 R3
Bearish 43.5044.3145.0047.9149.00 50.00

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