Monday, April 18, 2016

Indecision on oil

WTI oil has stayed oscillating around the 40.00 level, from where it may take off in any direction. After the price of WTI oil bounced to the downside from the 200 day exponential moving average, it reached the 55 day exponential moving average (purple line) from where it bounces to the upside. It is possible for the price to stay bounce from one EMA to the next one in the following candles. Above the 42.00 level, its next resistance could be the 43.00 level. To the downside, below the 37.00 level, its next support could be the 35.00 level.


9 comments:

  1. Oil is being squeezed by the two moving averages and maybe ready to pop to either side.

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  2. Good point! I´ll be watching to those levels.

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  3. It broke above 42.00 and I think it will soon reach 43.00.

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  4. Striking Kuwaiti oil workers does send certain message to other oil producing nation.

    ReplyDelete

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