hello everyone,
In last opinion, 63.50-64.30 has been mark as extremely important resistance area.
After almost three times consolidation, the oil price is droping down to 63.
Now, i considering whether the bull trend is over ? although the API, EIA information is not good for long side, but the whole supply and demand hasn't changed.
so, in next part, i will foucs on long side at support area.
short-term: 62.63
wave-trem: 60.80-61.60
it will drop into long-term consolidation if price drop down under 60.50, or OPEC recognized the increased supply plan.
In last opinion, 63.50-64.30 has been mark as extremely important resistance area.
After almost three times consolidation, the oil price is droping down to 63.
Now, i considering whether the bull trend is over ? although the API, EIA information is not good for long side, but the whole supply and demand hasn't changed.
so, in next part, i will foucs on long side at support area.
short-term: 62.63
wave-trem: 60.80-61.60
it will drop into long-term consolidation if price drop down under 60.50, or OPEC recognized the increased supply plan.
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