Oil Price Technical Analysis - Part 1
15 Year - Monthly
I have posted a series of charts showing oil prices over the following time frames:
This 15 year chart shows 3 main technical levels:
- Long term $40 resistance that has recently been crossed and should now form support.
- Long term upside (red line)in excess of $65
- Long term trend channel support at $30 (green line). Prices could drop to this level and oil would still be in a long term uptrend.