Oil Price Technical Analysis - Part 5
1 Year - Daily
I have posted a series of charts showing oil prices over the following time frames:
This 1 year chart shows 4 main technical features:
- Broken trendline support at $53 (dashed green line).
- Long term $40 support.
- Upward measured moves from $35.52-$49.49 and $40.89-$56.65 of approximately equal price.
- 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