The OPEC
chief has said today that a drop in oil investments could hurt oil production
and this has caused oil to rally and breakout of the recent consolidation that
it had as we can see on the daily chart of light crude oil. The price has
finally broken above the 55 day exponential moving average and above the upper
trendline that was forming the apparent descending triangle. The bullish
momentum accelerates and the price reaches the 49.00 zone. It is possible for
oil to continue going higher, but the 50.00 level could act as a temporary resistance
on crude.
This analysis is very useful!
ReplyDeleteGood point. I'll keep a close eye on it.
ReplyDeleteI wonder whether it will break above 50.00
ReplyDeleteThank you for sharing.
ReplyDeleteGreat trade! :-)
ReplyDeleteThanks for the analysis.
ReplyDeleteGreat analysis, will keep it in mind!
ReplyDeleteInteresting post, thank you.
ReplyDeleteGreat analysis.
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