The March
contract for light crude oil has made a very good bullish pullback from the
28.00 zone to the 30.00 level. On the 4 hour chart we can see that the price
has broken above the 21 period exponential moving average and that could be
indicating a possible change in direction. However, the 30.00 level could act
as resistance and the price may try to go back down. In case the price breaks
above the 30.00 level, then the 31.00 could act as its next resistance. To the
down side, its most recent low around the 28.00 level could act as support once
again, but we should keep in mind that as that price keeps visiting the same
level, the probabilities of breaking it rise.
Thanks for the relevant information.
ReplyDeleteLooks like it will keep pushing higher.
ReplyDeleteLet's see this is just a technical correction.
ReplyDeleteIt had to happen sooner or later.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteExcellent analysis.
ReplyDeleteThe outlook is still poor.
ReplyDeleteVery useful analysis, Thanks.
ReplyDeleteHelpful post.
ReplyDelete