This Week Crudeoil : Outlook : 18.11.2019
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Crude oil prices opened slightly lower in the last week and prices rose gradually for most of the week
till high of 4158.
Prices closed 1.4% higher on weekly basis at 4134.
Prices have been recovering gradually since last 6 weeks after taking strong support at its short term rising trend line of the symmetrical triangle chart pattern.
Therefore, prices are expected to recover further from these levels towards immediate strong
resistance placed around its short term declining trend line of the triangle currently placed near 4500
level.
On the lower side, immediate strong supports are placed around 4050 and 3820 levels.
Buying on minor pullbacks is recommended in Crude oil for the week.
till high of 4158.
Prices closed 1.4% higher on weekly basis at 4134.
Prices have been recovering gradually since last 6 weeks after taking strong support at its short term rising trend line of the symmetrical triangle chart pattern.
Therefore, prices are expected to recover further from these levels towards immediate strong
resistance placed around its short term declining trend line of the triangle currently placed near 4500
level.
On the lower side, immediate strong supports are placed around 4050 and 3820 levels.
Buying on minor pullbacks is recommended in Crude oil for the week.