Daily chart.
Recap, in the last update dated on 16 July. it stated that the continuation of upward trend requires relatively above average or higher volume to breakthrough the resistance zone.
On 19 July, the price action successfully closed within the resistance zone associated with relatively above average volume. The following day, it managed to break above the zone but failed to close above it.
Then came the following news on Friday, 21 July - after a tanker-tracking firm reported supply from OPEC is rising.
OPEC's July oil supply was set to rise by 145,000 barrels per day (bpd) compared to June, Reuters reported citing data from PetroLogistics, a company that tracks OPEC supply forecasts. The increase in oil supply would push production above 33 million barrels per day.
Higher supply from Saudi Arabia, the United Arab Emirates (UAE) and Nigeria would drive this month's gains, according to PetroLogistics.
More news, US crude tumbles 2.5%, settling below $46, after report of rising OPEC oil output
Take note that the overall price
action is still weak - death cross situation.
Note
: S-Trader indicators/tools are 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.cnbc.com
3) Reuters
Daily chart.
Recent price rebound from S-Trader Trend Tracker support level associated with relatively low volume and further upward movement capped by resistance zone and 50-period SMA, as shown above in the chart.
For upward trend continuation, it needs relatively above average or higher volume to breakthrough the resistance zone. However, overall price action is still weak - death cross situation.
Note
: S-Trader indicators/tools are 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
Daily chart.
The last 3 days pullback action quite strong compare to the recent price rebound swing. If there is no positive catalyst, the pullback may turns into strong downtrend phase breaking below USD$42.05 level.
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
Daily chart.
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
From a different perspective.
Daily chart.
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
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
With all the negative news floating around, the price action broke the final band of immediate support zone at $43.76 and the final Trend Tracker (weekly) at $44.81 and closed at $43.51 with relatively above average volume.
Daily chart.
Weekly chart.
With recent price action, it signals potential bearish trend for the mid-term period and new LL2 (Lower Low) in the making.
The next immediate support zone is between $42.20 and $43.20, as shown in the daily chart below.
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
