Nice long tail on the weekly chart, after a lower low. Technical indicators MACD and VolDiv appear bearish but this is suspiciously like a hidden dragon.
Taken altogether, the first resistance is 76, and once close above 80 is firmed bullish. The lower low suggests more downside, but the length of that tail is telling a very bullish story for the next couple of weeks.
So... expecting a consolidation range fighting between bears and bulls between 70-80; while leaning towards a bullish breakout much later... perhaps (ideally) after higher low.
Do note that in alignment to the earlier post about the USD dropping, it does look like Crude now has a better chance of turning around to reinstate its bullish efforts.
Taken altogether, the first resistance is 76, and once close above 80 is firmed bullish. The lower low suggests more downside, but the length of that tail is telling a very bullish story for the next couple of weeks.
So... expecting a consolidation range fighting between bears and bulls between 70-80; while leaning towards a bullish breakout much later... perhaps (ideally) after higher low.
Do note that in alignment to the earlier post about the USD dropping, it does look like Crude now has a better chance of turning around to reinstate its bullish efforts.
