Crude Oil Update * Mar. 1

No buyers response when crude broke 7 day balance area was a sign that more downside was to come.

Trading at $90.60 as I am writing this post, price action has exceeded some of yesterday´s targets.

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As a next downside target, I´ll be looking into $90-$89.75, followed by $89.90-$89.75 –

$89.25-$89 is another area I´ll be watching, followed by $88.50 & $88.

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Looking forward into it, $86.50-$86 is another area that I would expect some buyers to pressure, in the event price gets there.

I am still leaning into more downside (and some consolidation eventually) –  watching longer terms levels, the picture is definitely not a constructive one.

Alternatively, within a CONSOLIDATION scenario (which, at the moment, I do not see likely, although I always keep my options open), I would be looking at the extent of an eventual buying response at current levels.

In that sense $92 should be regained and the (important) area of $93.20-$92.30 should be regained. IN that event, I´ll be looking at $94.50 and above.

DP

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2 thoughts on “Crude Oil Update * Mar. 1

  1. Pingback: Crude oil update * March 4th | Demian Pack

  2. Pingback: Crude Oil update * March &th | Demian Pack

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