Technical Analysis CRUDE OIL
Weekly Pivots
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
CRUDE OIL 98.30 92.07 85.84 83.71 79.61 77.48 73.38 67.15 60.92
Weekly Chart
Market Overview
NYMEX Crude is consolidating on charts. Last week Crude Oil break its psychological resistance of 80$ a barrel and closed above that. For the coming week 74$ will act as major support and 83$ a barrel will be a major resistance.
Strategy
For the next week traders can use buy on lower level strategy, if NYMEX Crude break the level of 83$ a barrel and sustains above that then it can slightly come up and touch the level of 85$ a barrel. Trade by keeping the proper stop loss.
