Crude oil important levels
On monthly time frame (Chart A) crude is in a retracement of an uptrend, and important levels are marked in colour blue, and currently it took support in an important level at 7835. Again, if it fails to sustain, and move downside from here then below 5796 it will be termed as bearish, which is on monthly time frame. 9158 will be an important level, after crossing this level only crude will be termed as bearish again (Monthly time frame).
Now if we see in daily time frame (chart B), it was in down trend, which was basically the retracement of the monthly uptrend, has not taken a halt, and may take reversal from here (forming tops 1 & 2). Important levels are marked in the chart B (colour purple), which will act as resistance. And if it unable to continue its up move and take a reversal, closing of a daily candle below 7670 (marked colour green in chart B) level then it will again be a continuation of downtrend.
*Observation purely based on price action*
Now if we see in daily time frame (chart B), it was in down trend, which was basically the retracement of the monthly uptrend, has not taken a halt, and may take reversal from here (forming tops 1 & 2). Important levels are marked in the chart B (colour purple), which will act as resistance. And if it unable to continue its up move and take a reversal, closing of a daily candle below 7670 (marked colour green in chart B) level then it will again be a continuation of downtrend.
*Observation purely based on price action*
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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.