Crude Oil (WTI): Key resistance at 56.60.
Pivot (invalidation): 56.60
Brief positions beneath 56.60 with targets at 55.65 & 55.00 in extension.
Above 56.60 search for additional upside with 57.20 & 57.65 as targets.
As Lengthy as 56.60 is resistance, search for uneven worth motion with a bearish bias.
Oil sliding sooner than you may blink
Crude oil futures declined sharply on Friday. The steep slide’s end result was a breakdown beneath the decrease border of the rising inexperienced development channel. As the costs closed the day beneath the formation, it’s clearly a bearish growth.
Regardless of this setback, the bulls opened the week with a inexperienced hole, which has triggered modest enchancment within the following hours. The bulls are preventing to invalidate the sooner breakdown beneath the inexperienced development channel, and have reached the decrease border of the blue consolidation on intraday foundation. Costs have pulled again since although, and are at present buying and selling at round $56.00. Read more…