51.60 is a major support, while this level is not broken, the Midterm wave will be uptrend.
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 51.60 on 02/01/2021, so more gains to resistance(s) 63.10, 66.50, 72.55 and more heights is expected.
Price is above...
As seen earlier crude was moving long term upward direction. Which support was broken 3478 at MCX due to CORONA impact globally now again it comes in that channel with break out 3478 levels and Break downward channel resistance of 3844(not exact) at MCX also supported by Energy policy of BIDEN government.
So I feel again crude can be seen in positive momentum.
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
A peak is formed in daily chart at 41.70 on 09/18/2020, so more losses to support(s) 38.85...
. While the price is below the resistance 43.60, beginning of downtrend is expected.
. We make sure when the support at 37.15 breaks.
. If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.
. There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08...