- Crude oil 4 hour chart shows bearish trend intact.
- The channel and cloud will continue to support bears to take price further downwards.
- Break below 42 likely to take price towards 40 and sub 40 levels.
- For a bigger reversal price must move out of the cloud and channel.
June 23, 2017
June 14, 2017
- 4 Hour chart shows the immediate support line for the current fall. Current fall is likely to take price below 44 levels.
- Daily chart is showing bigger possibilities for bears. There is a head and shoulder pattern with 2 shoulders. If this goes well for crude bears price may reach levels below 40 in the near term. There could be bounces But the easier target to predict at this juncture is 42 and 40 levels in the short term.
June 9, 2017
- 4 Hour chart shows a head and shoulders Top and subsequent breakdown. The downswing in 4 hour chart will stay effect till price stay below the cloud.
- Weekly chart shows price violating the up trend line from 35 levels and is showing more bearish possibilities. 42 is the crucial level to avoid a bigger breakdown. Immediate level for crude bulls to protect is 45. Below 45 price may fall to 42 levels.