Jim Letourneau's Blog

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Oil Price Technical Analysis - Part 1

15 Year - Monthly

I have posted a series of charts showing oil prices over the following time frames:
  1. 15 year
  2. 10 year
  3. 5 year
  4. 2 year
  5. 1 year

This 15 year chart shows 3 main technical levels:

  1. Long term $40 resistance that has recently been crossed and should now form support.
  2. Long term upside (red line)in excess of $65
  3. 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.