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Crude oil deciphered: Technical analysis: price predictions

At this moment, Crude oil looks weak and may go down but will probably not fall more than 10 to 20% below $32. 

Crude oil price came down from highs of around 140 and touched around $32 before reversing and moving up again in early 2009. Thus according to the rules of technical analysis, this level will act as important level or 'barrier' when it tries to move up or down. This is the reason it is now at $32. If it rises in coming weeks, the resistance will come at $50 which acted as important levels in end of 2006 and early 2015. 

Thus, until crude oil comes up, and remains above $32 for 3 to 4 weeks, we can not say it has gained strength.

When it reverses upwards It will not rise up consistently till it crosses above $50 and remains at or above that level for 3-4 weeks, which can take at least a year looking at past movements as see in the chart below.


Chart Reference (Live chart):

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