Light crude
oil continues correcting to the upside and breaks above the 47.00 level. Due to
the strong rally that oil has made lately, it is possible to see a pullback to
the downside in a profit taking move. However, the MACD indicator is showing us
that the uptrend is still in place and it is very strong, therefore the price
may try to go and visit the 57.00 level, which is very close to the 200 day
exponential moving average, which could act as a resistance. If the price
retraces to the downside, then the 44.00 level could act as support, followed
by the 40.00 level.
Nice rally.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteGreat post,thank you.
ReplyDeleteExpecting upward move.
ReplyDeleteIt bounced off the resistance at 49.30 but that might be only temporary.
ReplyDelete44.00 level still act as support level.
ReplyDeleteGood analysis. The rally is clear!
ReplyDeleteVery useful information. thanks.
ReplyDeleteGood rally.
ReplyDelete