Crude Oil WTI - Key technical levels
Crude Oil WTI / USOIL is hanging in between two major supply and demand zones. It's not an interesting time to trade here.
It's currently hanging around the 67 level which has shown to be a key resistance level in March to May and oil opened and closed around this level afterwards.
Above this level we have the 68 level as supply zone with key resistance from March high, 0.236 fib level from July swing levels, and daily 100 SMA.
Below this level we have the 65 level as demand zone with key support from July and August low.
Expect market to move in 65-68 zone and trade range till breakout occurs. Lower high's last two month's confirm bearish sentiment, increasing odds of testing downside.
Breakout below 65 would allow 62 level with key support of May low and daily 200 EMA.
Breakout above 68 would allow 69.5 level with 0.382 fib as resistance.
It's currently hanging around the 67 level which has shown to be a key resistance level in March to May and oil opened and closed around this level afterwards.
Above this level we have the 68 level as supply zone with key resistance from March high, 0.236 fib level from July swing levels, and daily 100 SMA.
Below this level we have the 65 level as demand zone with key support from July and August low.
Expect market to move in 65-68 zone and trade range till breakout occurs. Lower high's last two month's confirm bearish sentiment, increasing odds of testing downside.
Breakout below 65 would allow 62 level with key support of May low and daily 200 EMA.
Breakout above 68 would allow 69.5 level with 0.382 fib as resistance.
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