Oil is currently trading at levels around 49.00 and it seems it may try to do a correction as low volumes suggest. First resistance zone is highest high while first support zone is seen at 48.61.
Chart: Oil/USD D1
Tuesday, May 17, 2016
Oil at 7-Month High
Oil reached a new high at 49.46. This is the first time in 7 months marking a 7-day rally going from 43.29 to 49.46. The high was made twice - yesterday and today. However, Oil bulls were not able to sustain the momentum and bears took over dragging price down to 48.56, latest low.
Oil is currently trading at levels around 49.00 and it seems it may try to do a correction as low volumes suggest. First resistance zone is highest high while first support zone is seen at 48.61.
Chart: Oil/USD D1
Oil is currently trading at levels around 49.00 and it seems it may try to do a correction as low volumes suggest. First resistance zone is highest high while first support zone is seen at 48.61.
Chart: Oil/USD D1
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The beat keeps moving on.
ReplyDeleteFor now the global oil market has flipped to a deficit sooner than Goldman Sachs Group Inc. had expected and oil continues to climb and is at 6 months high.
ReplyDeleteIt seems oil price would continue to rise.
ReplyDeleteImportant information, will keep it in mind!
ReplyDeleteVery helpful article.
ReplyDeleteAs always, very detailed analysis.
ReplyDelete