It is Crude Oil's turn after SGD

I normally conduct a read on Crude Oil when I work on SGD. I did not last week, why?

I was lazy and I wanted to rest on a weekend. Furthermore, crude oil did not seem to be going anywhere. At least not yet. I was thinking to myself, " Let's take it easy."

While USD truly weakens against SGD this week, I am still pumping gas for my car at the same price. It only means that the oil price has not been down, or down but not that much.

Let's do a read on crude oil this week then.

Fig 1. Crude Oil weekly chart

In my last update on this counter, I estimated that it will tend to move up with resistance from its 55-week moving average.

It is there right now. The interesting part is that its gradient while moving upward is very gradual, indicating a weaker momentum as compared to its down trend. 

Is it going down already? 

It has not shown me indication of reversal, I believe that it is not ready. There may still be some distance to go before it decides to head downward. 

Where do I see the resistance? We should see resistance zone between 87.11 to 99.10. I consider its 87.11 to be more crucial as it also coincides with the Bollinger envelop (86.05) presently. 

At the same time, support level is also attained through its major move with support zone between 28.17 to 53.71.

However, this is subjective considering a potential reversal at the Bollinger envelop, which will provide a new support zone if it turns true.