The crude oil market last week looked like it was on the
verge of starting another leg down after falling below weekly low support.
This support near the 97.00 level
was temporarily broken last Thursday as the spot September 14 contract reached
a 96.55 low.
The breakout, however, failed as
the market quickly reversed back to the current 98.32 level.
The 200 day moving average
currently at 99.80 will be an important resistance level to watch as a close
above this area will turn the longer term trend back higher.
97.00 extending down to last week’s
96.55 low will remain primary support in upcoming trade. A close below 96.55 would turn the
91.00-92.00 level into the next longer term support.
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