Oil gained downside momentum and is trying to settle below the support at $45.80. A move below this support level will push oil towards the low of the previous pullback at $45.00. More importantly, oil will get out of the current upside channel which will be dangerous for the bulls. If oil settles below the support at $45.00, it will head towards the 20 EMA at $44.65.
On the upside, the nearest resistance level for oil is located at $46.25. If oil gets back above this level, it will head towards the next resistance at $46.65. A move above $46.65 will push oil towards the resistance at $47.30. In case oil manages to settle above $47.30, it will head to the test of the recent highs at $47.70.
On the upside, the nearest resistance level for oil is located at $46.25. If oil gets back above this level, it will head towards the next resistance at $46.65. A move above $46.65 will push oil towards the resistance at $47.30. In case oil manages to settle above $47.30, it will head to the test of the recent highs at $47.70.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.