Oil has found a good support at the 41.24 level and it has formed what it appears to be a descending triangle or pennant on the daily chart. To the upside, the 44.00 could act as resistance, but if oil breaks to the downside, the 40.00 level could act as support.
Hello FxStrategist…
thanks for the thread.
I traded Crude Oil in the summer to the upside and did well from the $38 low move on the 22nd August week
up to $46, but the promise of a long-term move to the upside (i.e. $40 representing a ‘bottom’) did not
materialise… not this time, anyway…
With the OPEC moves on oil, and the middle-eastern way of managing the supply pressures, trading Crude Oil
is not just a simple supply-and-demand game, nor on the other hand is it a simply technical-analysis
commodity that you can just trade off trend-lines, as I discovered…
I think the fact that the middle-eastern producers can shoulder production costs even with Crude Oil
dropping to $6 means that the idea of a $40 ‘bottom’ may look technically appealing but there is no
telling whether this is just an academic notion…
Just my opinion 
Oil has retraced a little bit, but it is really going sideways. No fundamental reasons yet for it to go higher, the 44.00 may still act as resistance and to the downside the 40.00 could still be support.
Oil just keeps dropping and it is now at the 37.73 level, from there it could correct to the upside.
Nobody knows how low this will go, not you, nor I, nor the best economists at OPEC: lines on a chart are failing here because there is no ‘bottom’…This could go as low as the $17 of 1997-1998 during the East Asian crisis…why not?
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.