Oil Price Technical Analysis - Part 3
5 Year - Weekly
I have posted a series of charts showing oil prices over the following time frames:
This 5 year chart shows 3 main technical levels:
- Long term trend line resistance at $55 (red line). The red dashed line illustrates the base of a resistance zone at the top of the trend channel.
- Long term support at $40.
- Long term trend channel support at $36 (green line). Prices could drop to this level and oil would still be in a long term uptrend.