Jim Letourneau's Blog

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Oil Price Technical Analysis - Part 3

5 Year - Weekly

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 5 year chart shows 3 main technical levels:
  1. 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.
  2. Long term support at $40.
  3. 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.