Commodity Analysis, Implications and Outlook
Crude oil prices held on to yesterday's more than 3.4 percent surge, possibly propelled by Hurricane Florence concerns, lower American crude inventories, and the looming Iran sanctions-Act surprised! as Trade Selector Signal viewer you knew this since Sept 4.
Technically, the price has completed short-term Oil Rally $71.30 on Sept 4 and bottomed retracing to significant Mean Support level $67.80. The current crude surge is being held at previously created and tested Mean Resistance $71.10. Any movement above $71.10 could head towards expended Oil Rally $73 price.
On the downside, the draw-down target to Mean Support $67.80 is unlikely since the current price action used this level as a springboard to present state.
Crude oil prices held on to yesterday's more than 3.4 percent surge, possibly propelled by Hurricane Florence concerns, lower American crude inventories, and the looming Iran sanctions-Act surprised! as Trade Selector Signal viewer you knew this since Sept 4.
Technically, the price has completed short-term Oil Rally $71.30 on Sept 4 and bottomed retracing to significant Mean Support level $67.80. The current crude surge is being held at previously created and tested Mean Resistance $71.10. Any movement above $71.10 could head towards expended Oil Rally $73 price.
On the downside, the draw-down target to Mean Support $67.80 is unlikely since the current price action used this level as a springboard to present state.