Technical Updates

Oil Bearish Continuation to 72$

Oil Bearish Continuation to 72$

Indicators :

– RSI Period 14 with 30 level as oversold and 70 level as overbought.

– The 4X1, 2X1, 1X1, 1X2 and 1X4 Gann Angels.

– Gann’s Price&Timing Study.

– Simple Moving Average 50 Period (Blue), 100 Period (Red) and 200 Period (Green) on the chart.

The Light Sweet Crude Oil broke below 1×1 angel’s Gann from 2010.05.25’s low as my latest expected about Oil (refer to: Oil Remains Bearish Has Testing Support).

SMA50 testing to crosses below SMA200 should be retreat before by the first time facing, I guess the market might go up re-testing around 90$ previous support as currently resistance.

Daily Chart

By the “time by degree”, resistance around 90$-91$ levels and the support steep to 63$ – 66$ levels, as now we got the previous price projection indicate down to 72$ level first.

RSI stay in the strong bearish scenes as well.

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