The Briefing Room

General Category => Economy/Business => Topic started by: rangerrebew on July 06, 2017, 11:06:35 am

Title: Crude oil is down 3.7%. What are the charts saying....
Post by: rangerrebew on July 06, 2017, 11:06:35 am

Crude oil is down 3.7%. What are the charts saying....
Technical Analysis
Wed 5 Jul 2017 16:23:57 GMT
 

Author: Greg Michalowski

Buyers stalled above $47.00-09 resistance area

Today the price of crude oil reached $47.32. That peak took the price above the 50% of the move down from the May 2017 high at $47.03. It also moved above the swing lows from the 2nd half of March at $47.09. 


The price should have pushed higher on the break. It did not.  Instead the price has tumbled lower as buyers turned back to sellers after the corrective move higher. The fall has taken the price to a low of $45.20.  It currently trades at $45.35, down -$1.71 or -3.65%. 

What now?

http://www.forexlive.com/technical-analysis/!/crude-oil-is-down-37-what-are-the-charts-saying-20170705

Title: Re: Crude oil is down 3.7%. What are the charts saying....
Post by: Fishrrman on July 07, 2017, 01:51:48 am

Currently around 44.94.

Not bad for July.

Title: Re: Crude oil is down 3.7%. What are the charts saying....
Post by: ABX on July 07, 2017, 01:54:03 am

Oilfield services are starting to furlough again.