Crude Oil, Technical Analysis for November 23, 2015
Posted by FXTimes in Featured - November 23rd, 2015 8:16 am GMT
The daily chart view presented here again might be indicating that the resistance seen at 48.00 levels need to be taken out before it can be confirmed that bulls are poised to rally through 56.00 levels. For now, prices have been declining steadily making lower lows and lower highs, and we need to see at least a corrective rally to enter short positions. It is also seen that the RSI is holding 30 levels (over sold zone) since long, and prices could produce a much awaited corrective rally soon. Immediate resistance is now seen around 42.00/20 levels and support is seen through 37.00 levels respectively. A technical pullback can be picked up (on the long side), but there is no confirmation for the same for now. A drop below 37.00 levels could be extremely bearish for the counter though and prices could dip through mid 20.00s.
Remain flat for now.