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CRUDE OIL: Revival in uptrend; Completion of Bullish 3 drive pattern

“Outlook for the CRUDE OIL is Bullish; however, couple of gyration can be witnessed”

The Bullish 3 drive pattern as discussed on the website have witnessed quite well to hold as was spotted at right time. The post was made when Crude Oil price were in down swing and was continuing the last leg of the pattern.

 

Refer http://www.chartadvise.com/crude-oil-soon-reach-41-50/ for detailed report.

 

Chart while First indication:

Crude Oil WTI Futures

 

 

Crude Oil prices thereafter have bounced back well after the completion of the pattern towards higher levels. The supports were mentioned at $41.50 – $42 and low made is at $42.05.

The actual buying levels came up on the screen and were good opportunity. The bounce back has led price towards 50% retracement of the recent downswing to $47 – $47.20.

CRUDE OIL WTI

What NOW…???

The 50% retracement levels as mentioned continues to be stiff resistance as previous lows and highs has been placed at the same juncture. The Fibonacci level has been tested couple of times in recent past with formation of higher lows. This in fact shows bullish action in persistence.

Current action also shows Price continuing in an up rising contracting range. Is this a Wedge formation after the down swing? If yes, the lower levels are under threat. For the past two days, Price have consistent towards gains and heading towards the upper range levels which actually neglects any sign of bearishness. The overhead medium term resistance is placed near $49 levels which will continue to move down if Crude price is seen in more sideways.

Important levels should be kept in watch for any sign of breakout or break down of the range that will decide the future trend. Support around $45 levels and resistance at $48.50 – $49 will act as the levels for now.

 

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