may to 2 June 2017
volatility and large sell off on news flow. After last 2 weeks sharp short
covering rally traders seems to be taken some profits off the table. This week
we almost saw 300 points volatility in crude oil slipped from high of 3370 to
almost 3100 level.
and sell. For next week crude oil future outlook is weak and on downside
traders can expect 3100 to 3025 as short term target levels. On upside 3250 and
3290 are strong resistances.
breakdown below 3055 levels and turned bearish for 2017. But now strong
recovery rallies from last 2 weeks bought crude above 3055 support and retracing
back to 3055 support zone.