CL_5V
44.35
Within a triangle!
At the shown chart the market still consolidate and trading within a consolidation pattern.
Short & Mid – Term View
On the mentioned time horizon we would consider the levels of 42 and 50 US dollar per barrel, as the major playable levels for the oil, once the prices penetrated on of these price the market would continue its penetration to a mid-term trend. In case the market broke upward the price of 50 then our target would be at 55/58. However, a downward breakout below 42 US dollar we would see a long time market below 40 levels at 38/35/32 which considered the major support.
On the long-Term:
All the factors at market support a fair price for west Texas oil to be within 40/50 range , however , if we see more negative shocks to global economic overview and commodity market in particular then we would prefer the fair price range to be between 30/40.
Daily Trend: UP
Weekly Trend: Down
| Support | Resistence | |
| Level 1 | 42.50 | 46.17 |
| Level 2 | 40.20 | 48.20 |
| Level 3 | 39.30 | 50.11 |