Michael_Macdonald-XATSUK

Oil poised for multi-month gains

NYMEX:CL1!   Light Crude Oil Futures
The break beneath the USD42.55 low of September was not sustained, with prices bouncing sharply from USD42.20 to pressure critical resistance at the USD51.67/93 highs of June-October.

Improving studies, alongside bullish background readings, anticipate further gains in the coming months, with a close above here confirming continuation of the broad rally from February. Subsequent focus will then turn to the USD54.00, (76.4%) retracement of the 2015-2016 fall, as investors adopt an outright bullish stance, with continuation opening up the USD57.25, (38.2%) retracement of the 2014-2016 fall.

Any corrective pullbacks should remain limited, as investors maintain a buy-into-weakness strategy, with the USD42.20/55 area to underpin downside risks. An unexpected break, however, will turn investors cautious once again, and target congestion around USD40.00. However, a close below the critical USD39.19 low of August is needed to turn investor sentiment outright bearish .
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out