The September 14 crude oil contract traded down to a 96.75
low following release of the weekly stocks report on Wednesday but recovered
all the losses plus some by the close gaining .22 to settle at 97.59.
The market now enters into a 9th day of sideways
trade alternating between support at 96.55-96.75 and resistance at weekly highs
of 98.58 and 98.67. A breakout from this range is needed to determine the
next leg for the market.
An upside breakout above 98.67 resistance would turn 100.50
into the next upside resistance followed by the 40 day moving average at
101.50.
If the breakout instead comes to the downside below 96.55
support, the 94.50 level would be next downside support followed by weekly
chart support between 91.00-92.00.
Technical Indicators: Moving Average Alignment –
Neutral-Bearish
Long Term Trend Following Index – BearishShort Term Trend Following Index - Bearish
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