Oil futures Consolidation happening, short term upside at 106.64
Oil futures have been hovering around the 100.00 region. Despite a return back to the 100.00 psychological level, the stock will likely face tough resistance at 106-107 resistance zone. Reason being that it is a tough resistance and trend strength display a weakening trendless situation as displayed by the Directional movement index.
On the longer-term period, Oil is likely to carry on into a potential bullish pennant as highlighted by the chart drawn. Longer-term price target is at the upper resistance at 125-126 region. Support zone at 89.24-92.42 is a potential rebound that trader should look at.
On the longer-term period, Oil is likely to carry on into a potential bullish pennant as highlighted by the chart drawn. Longer-term price target is at the upper resistance at 125-126 region. Support zone at 89.24-92.42 is a potential rebound that trader should look at.