Crude Oil Bounces Off The Weekly Trendline

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U.S. DOLLAR / WTI CRUDE OIL (FX_IDC:USDWTI)

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FX_IDC:USDWTI U.S. DOLLAR / WTI CRUDE OIL

trendanalysis fibonacci trendline crude crudeoil oil commodity

This week in Crude Oil is an important week to determine whether we will see prices heading back towards $75, or a continuation to the downside. On the chart, the market found support on the weekly trendline, together with the daily 200 period-moving average and the 88.6 Crude Fib level. However, following last week's bearish momentum, the bulls would have to show up this week if they want to keep control of this market. In my opinion, it is going up.

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