Press "Enter" to skip to content

The market continues to consolidate the key breakout above 69.55

The market continues to consolidate the key breakout above 69.55

WTI CRUDE OIL TVC:USOIL


The market continues to consolidate the key breakout above 69.55 whilst the psychological 70 adds to the continued positive outlook. The support of a five week uptrend now comes in today at 69.50 to bolster this breakout support, whilst the rising 21 day moving average is also has supported recent corrections and comes in today around 69.40. Recent neutral daily candles with a mild bull bias reflect the consolidation and with momentum indicators retaining their positive configuration this reflects an outlook of buying into weakness for another impending upside break. This week’s low at 70.25 adds to support and with the strength of the momentum continues to drive an expectation that the next move is still likely to be higher despite two failed attempts to move above 71.90. Subsequent resistance is minor from a 2014 range 73.25/77.85.

Shares