WTI Crude Oil Daily Chart Analysis 11/29
Technical Analysis and Outlook
Crude oil has tumbled under $50 handle. Prices continue posting their multi-stage decent. To day, Nov 29, a barrel of US oil is hitting our Oil Dip $49 projection posted on Nov 8. Major Key Support $49 (Stage 5) will serve as an intermediate stop of the vicious decline: however, the latest drop might be mitigated with a swift bounce to Mean Resistance 52.10, and perhaps 54.70, and ultimately to Key Resistance 57.40 - we shall see. (For Market Commentary, please visit the usual site).
Crude oil has tumbled under $50 handle. Prices continue posting their multi-stage decent. To day, Nov 29, a barrel of US oil is hitting our Oil Dip $49 projection posted on Nov 8. Major Key Support $49 (Stage 5) will serve as an intermediate stop of the vicious decline: however, the latest drop might be mitigated with a swift bounce to Mean Resistance 52.10, and perhaps 54.70, and ultimately to Key Resistance 57.40 - we shall see. (For Market Commentary, please visit the usual site).