CRUDE OIL Bounces... how high?
As previously mentioned, Crude was to break 76, and head down to a target of 67. It did break down below 76 decisively, but found a support at 70. And it appears to be bouncing off the 70 support level.
There are two main ranges and in combination, the yellow box denotes the current consolidation area over the next couple of months.
Noted the Bullish Divergence on the MACD, although the VolDiv (lower panel) is still showing some bearish momentum.
Expecting a (consolidating) bounce to 85-90, the latter being resistance.
There are two main ranges and in combination, the yellow box denotes the current consolidation area over the next couple of months.
Noted the Bullish Divergence on the MACD, although the VolDiv (lower panel) is still showing some bearish momentum.
Expecting a (consolidating) bounce to 85-90, the latter being resistance.
