Buy above 54.50
and sell blow 51.49
WTI CRUDE
Crude oil prices closed marginally higher after falling to fresh weekly lows, with West Texas Intermediate crude oil futures recovering from 52.05 to settle at $52.73 a barrel. The black gold fell during the past Asian session, undermined by a surprise increase in US stockpiles, but recovered ground, as dollar's gains remained subdued. Additionally, is no coincidence that the commodity surged from the 52.00 level, a major static resistance that contained the upside for most of the second half of this 2016. Technically, however, US oil seems to be losing upward momentum, as after retreating from overbought territory, technical indicators have turned flat right above their mid-lines. Also, the price bounced after testing a sharply bullish 20 DMA, still the main support. In the 4 hours chart, the commodity has met buying interest around a bullish 100 SMA, but is now trading below a horizontal 20 SMA whilst technical indicators head lower within negative territory, supporting a downward move for this Friday.
and sell blow 51.49
WTI CRUDE
Crude oil prices closed marginally higher after falling to fresh weekly lows, with West Texas Intermediate crude oil futures recovering from 52.05 to settle at $52.73 a barrel. The black gold fell during the past Asian session, undermined by a surprise increase in US stockpiles, but recovered ground, as dollar's gains remained subdued. Additionally, is no coincidence that the commodity surged from the 52.00 level, a major static resistance that contained the upside for most of the second half of this 2016. Technically, however, US oil seems to be losing upward momentum, as after retreating from overbought territory, technical indicators have turned flat right above their mid-lines. Also, the price bounced after testing a sharply bullish 20 DMA, still the main support. In the 4 hours chart, the commodity has met buying interest around a bullish 100 SMA, but is now trading below a horizontal 20 SMA whilst technical indicators head lower within negative territory, supporting a downward move for this Friday.
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