If the break is to materialize, the next layer of significant resistance is found at the $90.00 figure. Near-term support remains at $83.65.
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If the break is to materialize, the next layer of significant resistance is found at the $90.00 figure. Near-term support remains at $83.65.
If a M15 close above 87 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 84 sell only and do not buy. If price closes back above it again do nothing
The range 87 and 84 is neutral area, any trade done in between is personal decision and not part of this analysis
On the technical front, prices are probing above resistance at the top of a falling channel set from early May, with a close above this juncture negating bearish cues for a more neutral tone.
Confidence may prove fleeting however as traders digest a sharply weaker than expected the Univ. of Michigan Consumer Confidence print and as speculation turns to the weekend’s G20 finance ministers’ summit.
Alternatively, upward continuation through immediate resistance targets a multi-month channel top at $85.84.
Rumors making the rounds on the newswires ahead of the sit-down hint a plan is taking shape to funnel emerging-market funding via the IMF into troubled EU countries, which is broadly supportive for risk appetite and crude alike.
pointing to ebbing conviction behind bullish momentum and hinting a reversal lower may be ahead. Initial support lines up at $83.65, with a break below that exposing $79.58.
I expect downtrend movement toward the major support at 83.70 $ for a barrel. All the three MA's resist the price, the other indicators do not send clear signals
S&P 500 stock index futures have now erased overnight gains and trade broadly flat heading into the opening bell on Wall Street, pointing to an uncertain and potentially fragile outlook for the WTI contract.
results from firms including Bank of America and Goldman Sachs set to cross the wires. US PPI data and API weekly inventory figures are also on tap.