WTI oil has
been rallying lately after the comments from Goldman Sachs about a disruption in
oil supply. Those comments have had a positive impact on the price of oil and
the commodity breaks above the 46.00 level to continue higher. If the rally
continues, oil may reach the 50.00 level, which could act as resistance and
maybe bounce to the downside from there. A bearish pullback may take the price
back down to the 46.00 level. Below the 46.00 level, the 200 day EMA may also
act as support. If the 55 day EMA, purple line, crosses above the 200 day EMA,
blue line, then that may be an indication that the bullish trend could continue
in the middle term.
We may see a pullback before another move upward to the $50.
ReplyDeleteExpeting choppy trade upon EIA data release.
ReplyDeleteI think it will continue rising.
ReplyDeleteImpressive strength!
ReplyDeleteThe rally continues.
ReplyDeleteVery accurate analysis!
ReplyDeleteGood insight.
ReplyDeleteInformative post.
ReplyDeleteSupport can be found around $48.
ReplyDelete