Crude Oil: ranging round key levels. The price is on primary bearish with the ranging within 54.00 key resistance level and 42.18 key support level. Both levels are located below Ichimoku cloud and Senkou Span lines with the bearish area of the chart. Intermediate support level for Crude Oil price is 46.22, and if the price crosses this level from above to below so we may see 42.18 as the next bearish target. Bullish reversal level for Crude Oil price is 66.32 located inside Ichimoku cloud in the ranging bullish area of the chart.
- if the price breaks 54.00 resistance so we may see the secondary rally within the primary bearish market condition;
- if the price
breaks 66.32 resistance so the price will be reversed from the primary bearish to the primary bullish market condition with the secondary ranging;
- if the price breaks 42.18 support level so the primary bearish will be continuing without ranging up to the new 'bottom' to be forming;
- if not so the price will be moved within the channel.
| Resistance | Support |
|---|---|
| 54.00 | 46.22 |
| 66.32 | 42.18 |
