Wednesday, December 2, 2015

Oil reaches the 40.00 level

The January contract on light sweet crude oil has reached the 40.00 level. A few days ago we saw the possibility of seeing oil reach that level and today it has done so. At this level, oil may try to stall or bounce to the upside, but the bearish momentum is still in place and it could try to go lower towards the 37.73 level, since there are no strong fundamental reasons for oil to rally for now. To the upside, the 41.19 level could act as a temporary resistance, above that level, the 44.00 level could act as its next resistance.


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8 comments:

  1. UnknownDec 3, 2015, 4:30:00 AM

    Thanks for the analysis!

    ReplyDelete
  2. UnknownDec 3, 2015, 10:31:00 AM

    It's still testing the support for now.

    ReplyDelete
  3. UnknownDec 3, 2015, 10:47:00 AM

    The price of crude retreated almost 4% after the announcement of an increase of 1.2 million barrels in US oil reserves.

    ReplyDelete
  4. RozenDec 3, 2015, 11:16:00 AM

    Good buying opportunity.

    ReplyDelete
  5. UnknownDec 3, 2015, 12:23:00 PM

    Looks like it will keep pushing lower.

    ReplyDelete
  6. UnknownDec 3, 2015, 7:56:00 PM

    Oil price is bouncing higher.

    ReplyDelete
  7. UnknownDec 6, 2015, 10:54:00 AM

    Interesting analysis, thank you.

    ReplyDelete
  8. UnknownDec 6, 2015, 11:12:00 AM

    Excellent analysis.

    ReplyDelete

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