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If a M15 close above 78 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 76 sell only and do not buy. If price closes back above it again do nothing
The range 78 and 76 is neutral area, any trade done in between is personal decision and not part of this analysis
Crude oil prices remain on the defensive, with the WTI contract following the broad-based selloff across the spectrum of risky assets after a summit of EU finance ministers in Luxembourg offered no meaningful progress on resolving the regional bloc’s sovereign debt crisis.
If a M15 close above 77 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 74 sell only and do not buy. If price closes back above it again do nothing
The range 77 and 74 is neutral area, any trade done in between is personal decision and not part of this analysis
On the technical front, prices are sinking to support at the 61.8% Fibonacci extension level at $75.09. A break below this boundary exposes the 76.4% Fib at $71.45. Near-term resistance lines up at $78.03, the 50% level.
If a M15 close above 78 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 76 sell only and do not buy. If price closes back above it again do nothing
The range 78 and 76 is neutral area, any trade done in between is personal decision and not part of this analysis
Optimism appears to be driven by comments from EU Commissioner Olli Rehn as quoted in the FT, where he seems to hint that policymakers are plotting a coordinated recapitalization of the region’s banks.
If a M15 close above 78 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 73 sell only and do not buy. If price closes back above it again do nothing
The range 78 and 73 is neutral area, any trade done in between is personal decision and not part of this analysis
bullish Piercing Line candlestick pattern above support at 75.09, the 61.8% Fibonacci extension level. Positive RSI divergence reinforces the case for an upside scenario. Initial resistance stands at 78.03, the 50% Fib, with a breakout higher targeting the 38.2% level at 80.97.
If a M15 close above 80 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 76 sell only and do not buy. If price closes back above it again do nothing
The range 80 and 76 is neutral area, any trade done in between is personal decision and not part of this analysis
The ISM Non-Manufacturing reading is also on tap and is likewise expected to show deterioration. Weekly DOE inventory figures round out noteworthy event risk.