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Crude Oil Price Bearish Ranging

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by , 06-09-2019 at 11:23 AM (47 Views)
          
   
Last week, oil found itself in an ugly position again, but was able to find support via the low-end of a range created during Jan/Feb. The bounce on Thursday brought with it limited follow-through to end the week, however; the price action for the week resolved in the form of a reversal candle that could set into motion some more buying in the days ahead.

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Next week might not bring with it rip-roaring power, as oil is already failing to follow stocks higher in the same manner in which it did on the down-side. (This may be a symptom of a broader problem on the macro-front, a story for another day.) This relative weakness could change, of course, should the ‘risk-on’ theme mature.

Looking at the near-term technical landscape, the trend-line running lower from three weeks ago is first up as resistance. This may only prove to be minor resistance, but given how crude has acted thus far that might be all that is needed to keep a lid on a bounce.

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