After making the last high, Oil retraced to previous lows at 47.40 and is currently trading at 47.76. Main trend remains bullish with first bull target at 49.50. On the other hand, a move down could be expected to 46.78.
Chart: Oil/USD
Tuesday, May 24, 2016
Oil Losing Power
Oil is trading low volumes for the past few days indicating that a possible change in trend might be at hand. The commodity made a high of 49.37 not giving the chance to Oil bulls to celebrate the $50 level.
After making the last high, Oil retraced to previous lows at 47.40 and is currently trading at 47.76. Main trend remains bullish with first bull target at 49.50. On the other hand, a move down could be expected to 46.78.
Chart: Oil/USD
After making the last high, Oil retraced to previous lows at 47.40 and is currently trading at 47.76. Main trend remains bullish with first bull target at 49.50. On the other hand, a move down could be expected to 46.78.
Chart: Oil/USD
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Good point. I'll keep a close eye on it.
ReplyDeleteGreat review!
ReplyDeleteVery helpful analysis, I will keep it in mind.
ReplyDeleteGreat analysis!
ReplyDeleteExcellent information to keep in mind.
ReplyDeleteExcellent analysis, thank you!
ReplyDeleteOil retreat.
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