US Crude declined 0.08% to $53.57 after closing $1.11 down in thin trade on Monday. It rose to a peak of $55.69 early on Monday. Oil prices also drew support from plans by China and Japan aimed at supporting their economies, which would help lift demand.In the last several weeks, our energy world has been even further shaken up. The price of crude has dropped more than 45 percent since summer, with Brent around $60 a barrel and the U.S. benchmark — West Texas Intermediate — below $60 to about $56. 
Crude oil strongly sustaining on $55 psychological level from last two week its little positive sign for bullish trend. on yearly chart crude oil creates a format of rectangle triangle in an down trend it indicated that crude oil short to medium term selling pressure will continue below main resistance $56.89. You can see $58.27 and $60 if crude oil cross its crucial resistance $56.89 and close on it. Fresh down Bollinger band will open below $52.77. Short to medium term traders buy crude oil at decline for target $58.27 in medium term. Crude oil may hit $51.68 and $50.24 if it break its crucial support $52.77 and continues close in it.I hope that crude oil never break $50 this week because we expect some strong short covering.
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Will Crude Oil Hold $50 This Week?
Published 12/30/2014, 09:07 AM
Updated 07/09/2023, 06:32 AM
Will Crude Oil Hold $50 This Week?
Latest comments
negative tone of oil minister.why usa not cut output this time. sir i have buying crude for target $58. can i holt it?
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