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05/02/15 Light Crude Oil prices find support at 48.67 after breaking above 50 yesterday

05/02/15 Light Crude Oil prices find support at 48.67 after breaking above 50 yesterday

CL, futures, commodity, commodities, oil, light crude, crude oil price, crude oil forecast, crude oil outlook, Crude Oil analysis, Crude Oil technical analysis, Crude Oil outlook, Crude Oil price, Light Crude Oil analysis, Light Crude Oil forecast, Light Crude Oil outlook, Light Crude Oil price, Light Crude Oil technical analysis, Light Crude Oil analysis, Light Crude Oil forecast, OPEC, Saudi Arabia, ARAMCO

Light Crude Oil prices finds support at 48.67 after breaking above 50 yesterday, finding exhaustion at Fibonacci Expansion 200.0% at 53.24. However, candles subsequently retraced after the surge and now finds support at 48.32.

 

CL, futures, commodity, commodities, oil, light crude, crude oil price, crude oil forecast, crude oil outlook, Crude Oil analysis, Crude Oil technical analysis, Crude Oil outlook, Crude Oil price, Light Crude Oil analysis, Light Crude Oil forecast, Light Crude Oil outlook, Light Crude Oil price, Light Crude Oil technical analysis, Light Crude Oil analysis, Light Crude Oil forecast, OPEC, Saudi Arabia, ARAMCO

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Focusing on H1 chart, prices fell towards the previous resistance-turned-support at 48.67. Moving averages have started to become downward sloping, indicating a possible continuation of downtrend on H1 chart. Should candles continue falling and breaking below 48.67, it is possible that prices may fall back towards 45.00.

Trend Direction
 S3
S2
S1
R1
R2
 R3
Bullish 46.44 46.83 48.67 50.00 51.61 52.82

 

 

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