Oil has consolidating for the past three weeks in a channel. Breaking out the bottom of the channel would unleash a bearish movement towards $25, with $28.66 as a primary objective.
Breaking out the Blue Trend Line would send it back towards $34.42.
A Throwback will occur, should Oil breakout the Channel.
The main trend is still bearish with $20 as a final objective.
The Daily Pivot Point is around 32.27. The daily supports levels are around 30.94 and 30.20. The daily resistance levels are around 33.01 and 34.34.
Breaking out the Blue Trend Line would send it back towards $34.42.
A Throwback will occur, should Oil breakout the Channel.
The main trend is still bearish with $20 as a final objective.
The Daily Pivot Point is around 32.27. The daily supports levels are around 30.94 and 30.20. The daily resistance levels are around 33.01 and 34.34.
