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Jim Letourneau's Blog

Investing, Technology, Travel, Geology, Music, Golf. I think that covers it.

Oil Price Technical Analysis - Part 5


1 Year - Daily

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 1 year chart shows 4 main technical features:
  1. Broken trendline support at $53 (dashed green line).
  2. Long term $40 support.
  3. Upward measured moves from $35.52-$49.49 and $40.89-$56.65 of approximately equal price.
  4. Downward measured moves from $56.55-45.45 or $10.20. A second downward move of $10.20 from the interim high of $50.50 would take prices down to $40.20. Very near the long term round number support at $40.00