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CRUDE OIL - Halts Weakness, Eyes Higher Prices Print E-mail
Analysis | Commodity Technical Analysis | Written by FXTechStrategy | Sun May 07 17 22:08 ET

CRUDE OIL - With the commodity halting its weakness to close higher on a rejection candle on Friday, further bullishness is likely. On the downside, support resides at the 46.00 level where a break will expose the 45.50 level. A cut through here will set the stage for a run at the 45.00 level. Further down, support resides at the 44.50 level. On the upside, resistance resides at the 47.00 level. Further out, resistance comes in at the 47.50 level. A break above here will aim at the 48.00 level and then the 48.50 level followed by the 52.00 level. All in all, CRUDE OIL remains biased to the upside on correction

 

 

Mohammed Isah
Market Analyst
www.fxtechstrategy.com

This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report

 

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