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Market Analysis

Home » Featured » Crude Oil Technical Analysis for December 17, 2015

Crude Oil Technical Analysis for December 17, 2015

Posted by FXTimes in Featured - December 17th, 2015 7:46 am GMT

Chart setups:
The monthly hart has been again presented here to confirm price action discussed earlier. WTI Crude Oil is moving in tandem with what was discussed keeping the wave structure intact for now, trading around 36.70 levels. Please note that minimum requirement here is to drop below 32.00/33.00 levels, the 2008 lows, to complete a 7 year correction that is going on in the commodity. Also note that fibonacci 0.786 support comes in at 25.00/26.00 levels and Crude is expected to bounce from there. Immediate support is seen at 32.00 levels, while resistance is at 51.00 levels according to the monthly chart. Also note that the RSI is holding 30 levels in spite of prices dropping lower, which is bullish divergence. Watch out for a reaction below 30.00 levels for the next big move.
Trading recommendations:
Flat for now.
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