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.
Oil is being squeezed by the two moving averages and maybe ready to pop to either side.
ReplyDeleteGood point! I´ll be watching to those levels.
ReplyDeleteIt broke above 42.00 and I think it will soon reach 43.00.
ReplyDeleteExcellent analysis, thanks!
ReplyDeleteHelpful analysis.
ReplyDeleteStriking Kuwaiti oil workers does send certain message to other oil producing nation.
ReplyDeleteGood post!
ReplyDeleteInformative article!
ReplyDeleteGreat post.
ReplyDelete