Daily Timeframe suggests Bearish Price Action
We are currently inside a 12$ Range on Crude Oil on the monthly timeframe. Support being 71.32 and resistance being 83.22. After two weeks of trading in June, Oil is up roughly 2/3 of 1 Percent. The First week being quite bearish but which was corrected, plus an additional some to the upside on the second week. Price came awfully close to the weekly resistance level ( about 25 cents) on Wednesday but coincided with US weekly Inventories and dropped on a higher than forecasted number. Weekly Bearish Target for Crude this week I have 75.36 Weekly support level. Weekly Long target for crude this week I have 79.58 Weekly resistance Level. What's interesting is that after the initial climb on last Monday, Crude simply consolidated for the rest of the week. It actually printed 3 Daily candles that had a larger top wick than the body of the candle. My Bias is bearish to kick off the new trading week and short term targets are 77.30 for the upcoming session.
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