WTI Crude Oil - Update 24 June

In the last update post, it highlighted the next immediate support zone is between $42.20 and $43.20, as shown in the daily chart below. It was formed way back in November 2016.

Daily chart.

Last 3 days the price closed within the immediate support zone - taking a "breath" before its next course of direction. Also mentioned in the last update post, the recent price action signals potential bearish trend for the mid-term period.

Weekly chart.

From the daily chart. the selling pressure on the current downtrend phase has been much higher than the Nov 2016 - formed the immediate support zone.

Will the current selling pressure pushes the price further downward ?
Or,  Has it reaches the selling climax point ?

Lately, the news in the media still very negative.

Here is one the recent negative news.

According to analysts, the slide will continue, and oil prices could drop to levels they hadn't seen in more than a year.

"Oil is in a downtrend and risks trending into the $30's," Paul Ciana, a technical strategist at Bank of America Merrill Lynch, said in a note on Tuesday, as quoted by Business Insider.

More news, Bank Of America: Expect $30 Oil

Additional Info: S-Trader Trend Tracker support levels (Daily chart)
Resistance1 = $46.06
Resistance2 = $47.89

S-Trader Trend Tracker support levels (Weekly chart)
Resistance1 = $50.97
Resistance2 = $55.74

Note : S-Trader indicators/tools is not part of Metastock software package. It is our proprietary system/tools. If you have any further inquiries, please feel free to Contact Us. 

Source : 
1) Metastock
2) www.oilprice.com
3) Business Insider