Crude oil costs have ripped and dipped all through 2019 with the commodity getting jostled between positively and negatively sloped trendlines which have served as respective assist and resistance strains, which seem to have fashioned a wedge sample courting again a number of years.
CRUDE OIL PRICE CHART: MONTHLY TIME FRAME (CHART four)
Chart created by @RichDvorakFX with TradingView
These falling and rising trendlines – along with higher and decrease boundaries outlined by the 2-standard deviation Bollinger Bands – will look to maintain the value of crude oil comparatively contained. Looking at a month-to-month crude oil chart additionally brings to focus the 23.6% Fibonacci retracement stage of the commodity’s buying and selling vary since its July 2008 peak recorded prior the onslaught sparked by the World Monetary Disaster. This area of technical confluence could possibly be seemed to as an space of assist going ahead.
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— Written by Wealthy Dvorak, Junior Analyst for DailyFX.com
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