New Oil Contract … CL_5X
45.75
It has tested the broken descending triangle, which then we do expect a higher levels to come as long as market higher than the tested candle as shown on the chart! Which is at the levels of 43s.
In case the market felt below it (the lower probability) then a sell momentum would be the controller of the direction and below 40s a barrel would be expected.
However, what we do see the higher probable scenario is that market to be higher than the re-test point which then a confirming to be in a correction wave to be higher than $50s.
| Support | Resistence | |
| Level 1 | 45.13 | 48.30 |
| Level 2 | 44.03 | 50.50 |
| Level 3 | 42.87 | 52.20 |
