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Technical Analysis of Crude Oil


We had expected the crude to dip back and test the channel supports which existed at 115. Crude came below the expected 115 to touch 111.11

The bullish candle made with the jump in prices yesterday is a good sign of bull, it would be premature to say it could cause a new rally. As everything in candlesticks charts, the key is in the placement. With bullish candle so up high and with so little correction, it is likely to fizzle out. The stop loss of any positive trades are meant to be below the levels of 111.45.

It is hard to call a top here. The prices may retest 110 levels soon.

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