Oil at support

There have been extended losses in oil prices. It looks like low commodity prices are set to persist in the near term.

well hopes for production cut are very less given that Iran backed out of the deal and refused to cooperate with OPEC due to which oil indeed went through another journey of losses in my view 28 is the support for it well today API inventories data are lined let see what it brings for oil

A breakdown in oil below the 29.00 level could take the price back down to the 27.00 or 26.00 level.

Oil rallies above the 31.00 level, the 32.00 could act as resistance.

Oil keeps consolidating and the 31.00 level keeps acting as a support. The 34.00 level could act as resistance, but a breakout could cause a rally on oil.

Saudi Arabia has now emerged out as a game player refusing for the production cuts and even favouring more supply saying they do not concern about demand and would welcomes additional supplies. this will take crude further down which has already touched the levels of 26.06 in the recent days

Good rally on light crude oil, the next important upside target could be the 40.00 level.

I would be careful buying long-term, until the supply issue and general negative sentiment is about…

Minimum 27 USD from February is probably for some time overcome but I cant see oil much higher than 40-45 for next 3 months at least… summer will probably pump it bit higher but as PipMeHappy said, it is mostly a supply / demand thing…

Oil keeps dropping but at the 55 day EMA and the 37.00 it could find support. To the upside, the 40.00 level could act as resistance.

The 55 day EMA and the 37.00 could send WTI oil back down, since these levels could act as resistance.

The supply issue is yet unresolved:

Oil Prices Extend Skid on Skepticism Over Production Freeze - WSJ


Here’s my target? Any in agreement?

Good bullish trend on oil, but be ready for a possible pullback, especially if it reaches the 46.00 level.

Oil has kept a good bullish trend and even though it is correcting to the downside, it may still visit the 50 level.

Oil has not been able to break above the 50 level, but the bullish trend is still in place, next resistance may be the 60 level.

Oil WTI goes back up, but it needs to break above the 50 level in order to keep its bullish trend.

Oil retraces to the downside, but the bullish trend is still in place on the daily chart, it may consolidate for a while.

Another long term consolidation is developing on oil WTI on the daily chart. No bullish momentum in sight until it breaks the 50 level to the upside.

Waves of the 8-Hours Chart are drawn with chocolate lines. The 3-wave bullish 8-Hours structure that started in January 2016 already finished as it was confirmed by a break of its respective slope channel and AO Indicator of the older 32-Hours timeframe (see AOx4 on the 8-Hours chart).
We may see that within the A wave down of the 32-Hours chart the bears formed the A wave down on the 8-Hours chart, then transferred a flag for a while to the bulls who made the complex B correction wave and now continue to move the price down within the C momentum. Or me may develop the 4th correction wave up to be followed by the 5th momentum down.