General overview for 27/07/2015:
The crude oil prices are in decline again after making an important top at the level of 62.55 (wave 4 pink). The current impulsive wave progression is still uncompleted, but the underlying bullish divergence between the wave (iii) and (iv) green might limit the fall down to the level of 46.21. Nevertheless, the bias is still bearish and lower prices of crude oil are expected in the longer – term.
Moreover, the are fundamental indicators that are affecting current crude oil price decline:
– USA – IRAN nuclear deal
– Saudi Arabia oversupplied oil market
– increasing number of oil rigs in USA (Baker Hughes Inc)
53.94 – WR3
52.61 – WR2
50.06 – WR1
48.86 – Weekly Pivot
46.21 – WS1
45.02 – WS2
Swingtraders should consider to open sell orders from the sell zone area between the levels of 48.86 – 50.06 with SL at the level of 54.21 and TP at the level of 34.00.
Daytraders should consider to open sell orders from current price levels with SL above the level of 48.90 and TP at the level of 46.21 (min.)