nymex crude intraday forecast
nymex crude oil spot currently trading at 97.11 with loss.on above h4 chart we seen topped out at 98$ and that seems to be strong reversal and next session and week also may be 98 remain major resistance as volume panning out.on downside 96.21 is first major intraday support if fall below then then expect bearish trend and lower tops and bottoms cycle will start.
on downside we looking at 95.58 and then 93.55 as final targets of this correction.on above h4 chart,nymex crude macd made lower tops and showing signs of correction while rsi is nearly at sell signal as near to slips below 50.
on weekly chart nymex crude prices rallied in last 8 weeks with gains and no correction which making prices unstable and may show definite correction upto 93 in next week?
on daily chart 92.45 is nymex crude 3month ema and that may be zone we watch as target??