Light Crude Oil trades below 93 and within range of the downtrend channel
The weekly resistance and support are represented by the perforated red line, while the green light gives rise to shorting opportunities if resisted
91.2 being the closest support for intraday traders as the retracement comes to an end at 93.22
Light Crude Oil rallied in the middle of the week with increased tendency of further tensions as a result of the extremist actions in Syria. The consolidation of the price range has subsided as it continues its slight downtrend after the retracement met with exhaustion at 93.2. Pay close attention to the lines of resistance and protect your positions against news events that may go against technical analysis.
Trend Direction |
S3 |
S2 |
S1 |
R1 |
R2 |
R3 |
Entry |
Stop Loss |
Exit |
| Slight bearish/near resistance | 89.85 | 91.21 | 91.8 | 92.82 | 93.22 | 94 | 92.8 | 94 | 91.2 |
