Wednesday, October 7, 2015

Crude Oil (Spot Price) Up Against Falling Resistance - What's Next?

As the two charts based on daily and weekly closing prices below show, West Texas Light Sweet Crude Oil ($WTIC) prices are at or near steeply falling resistance lines.

What's next for oil?  We shall see.  But if resistance holds, weekly support lines appear to be at about the $37 and $30 price levels.

click chart to enlarge

click chart to enlarge

Not Investment Advice | Important Disclaimer: 
The content in this article, including the identification and discussion of any specific security (e.g., bond fund), is NOT meant to be and should NOT be construed and/or used as investment advice. This article is for general information and educational purposes only. Please read the Disclaimers  for in their entirety. The U.S. Securities and Exchange Commission website has guidance on selecting an investment adviser.

Financial Disclosure:
The author/publisher has no position in oil at the time this article was written.

Base Chart Provided Courtesy of  Analysis and Annotation by JunkBond (all rights reserved)

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