On Sunday in Qatar there was a meetting of the producers of OIL. Ministers of OPEC and non-OPEC talked about freeze oil output. Ministers finish talks in Doha without an agreement what provoked declines of OIL on Monday. Just at the beginning of Monday’s trading price fell to 38.00. At this level there was a support but there is a huge the downward gap at the chart and right now it will complicate further upward movement. If this level is also broken next support will be located at 36.70. Below that lever we can find stronger support at 35.20. Signal for optimism will be return above the level of 40.00 and close the bearish gap from today’s morning.

In a mid-term we can see at the chart higher highs and higher lows and falls which where between March 22 – April 5 reached only 38.2% of previous upward movement. There is every indication that price will move upward and only break below support at 35.20 will change this forecast.

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OIL-H1

OIL-H4

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Author of worldtrader.pl blog and big supporter of technical analysis. Active medium-term trader. In his analysis uses classical charts, price action as well as harmonic patterns and Elliott Waves. In trading he always tries to take into account two points of market's view, in accordance with the principle that each transaction may be attractive both for the demand and supply traders.