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Crude Oil Technical Analysis March 05, 2015

Currently crude oil is hanging on 51.25 levels and tested 49.60 today. In the meantime, before european and London market closes, show of some pressure to go long and tested 52.0. It is important for crude oil to react to go long in short term. So it is possible that we may see 53,62 and 55. In order for this scenario to work, crude must stay above 49,60.

06:47 AM (GMT)

 

 

GCMMetaTrader

May occur a reversal to 50.61, if stays above 50.61, target should be 52.70, 53.30 and 54.20. 54.20 is a strong resistance for crude oil. Traders to go long should watch this level carefully.

Pivot : 49.60
SUPPORT : 51.00-50.30-49.60
RESISTANCE : 52.65-53.40-54.35

 

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03:00 PM (GMT)

CrudeOILH4_2

As seen on the chart, prices fell down near 50.61 and now it is currently 51.12. It should be above 50.51 for opening long positions. Watch this level carefully. Todays closing below 50.61, 49.60 may create a pressure on prices.

 

06:15 PM (GMT)

CrudeOILH4

 

Crude Oil is again 51.30s levels and is still above 50.61. 2 days period of moving average on 4Hrs chart acts as a support level for crude oil. We still think in the same way that; if it stays above 50.61, possibility for the prices go up is strong till 52.70 to 54.21. But do not forget the stop losses. We think the best level to place stop loss is 50.15.

 

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