Oil price remains under pressure but may extend consolidation while above psychological $50.00 support

Slobodan Drvenica Windsor Brokers

US CRUDE OIL

US oil is on track for strong bearish weekly close (the first one after three weeks in green) signaling extension of pullback from $53.74 high, posted on 12 Apr.
The price found temporary footstep at $50.06, low of Wednesday’s strong fall, with downside being reinforced by daily Kijun-sen line, currently at $50.40.
Yesterday’s close below thin daily cloud maintains bearish pressure, however, oil price may hold in extended consolidation while above $50.06 low.
Limited upside attempts are expected, with daily cloud (spanned between $50.74 and $51.15) offering initial resistance and extended upticks expected to hold below daily Tenkan-sen line at $51.90.
Eventual break below psychological $50.00 support would open immediate target at $49.62 (Fibo 61.8% of $47.07/$53.74) and may accelerate to $48.70 (weekly Kijun-sen) in extension.
Oil price remains under pressure on fears that increased US shale oil production may offset OPEC attempts to support prices by reducing oil production.

Res: 50.74; 51.15; 51.36; 51.90
Sup: 50.40; 50.06; 49.62; 48.70

Interested in Oil technicals? Check out the key levels

1. R3 50.89
2. R2 50.83
3. R1 50.80
PP 50.74
1. S1 50.71
2. S2 50.65
3. S3 50.62

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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