Oil At Important Resistance Area
Alexandros Yfantis | Jul 21, 2017 06:42AM ET
Oil price got rejected yesterday once it reached the Daily Kumo (cloud) resistance at $47.30. Oil price could be making a double top reversal here if we see price remaining below the Daily Kumo (cloud).
A rejection at current levels will bring pressure to oil prices. A break below $46-45.70 could signal a reversal confirmation and more downside ahead for oil prices….the longer-term pattern remains bearish as price is making lower lows and lower highs. So we could be on the verge of the start of a new downward move towards $40.
On the other hand, if oil price breaks above $48.50-49 it could move towards the blue trend line resistance at $52. Critical support is at $44.80-45.50 zone.
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