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Quick Technical Overview - Crude Oil: ranging market condition by all the signals
22 September 2015, 06:11
![Sergey Golubev Sergey Golubev](https://c.mql5.com/avatar/2012/12/50D09349-3D90.jpg)
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Ichimoku analysis.
Weekly price is on ranging market
condition within the following key s/r levels:
- 42.18 key support level located far below Ichimoku cloud in the bearish area of the chart;
- 69.57 key resistance level located inside Ichimoku cloud in the ranging bullish area of the weekly chart.
Chinkou
Span line is below the price indicating the ranging market condition to be continuing by the direction. Absolute Strength indicator is estimating the secondary ranging to be continuing.
If W1 price will break 69.57 resistance level on close W1 bar so we may see the reversal of the price movement to the primary bullish market condition.
If W1 price will break 42.18
support level on close W1 bar so the bearish trend will be continuing without secondary ranging.
If not so the price will be ranging within the levels.
Trend: