Will Crude Oil Hold $50 This Week?
Ashish K Nayak | Dec 30, 2014 09:07AM ET
US Crude declined 0.08% to $53.57 after closing $1.11 down in thin trade on Monday. It rose to a peak of $55.69 early on Monday. Oil prices also drew support from plans by China and Japan aimed at supporting their economies, which would help lift demand.In the last several weeks, our energy world has been even further shaken up. The price of crude has dropped more than 45 percent since summer, with Brent around $60 a barrel and the U.S. benchmark — West Texas Intermediate — below $60 to about $56.
Crude oil strongly sustaining on $55 psychological level from last two week its little positive sign for bullish trend. on yearly chart crude oil creates a format of rectangle triangle in an down trend it indicated that crude oil short to medium term selling pressure will continue below main resistance $56.89. You can see $58.27 and $60 if crude oil cross its crucial resistance $56.89 and close on it. Fresh down Bollinger band will open below $52.77. Short to medium term traders buy crude oil at decline for target $58.27 in medium term. Crude oil may hit $51.68 and $50.24 if it break its crucial support $52.77 and continues close in it.I hope that crude oil never break $50 this week because we expect some strong short covering.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.