• 405 days Will The ECB Continue To Hike Rates?
  • 405 days Forbes: Aramco Remains Largest Company In The Middle East
  • 407 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 807 days Could Crypto Overtake Traditional Investment?
  • 811 days Americans Still Quitting Jobs At Record Pace
  • 813 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 816 days Is The Dollar Too Strong?
  • 817 days Big Tech Disappoints Investors on Earnings Calls
  • 818 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 819 days China Is Quietly Trying To Distance Itself From Russia
  • 820 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 824 days Crypto Investors Won Big In 2021
  • 824 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 825 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 827 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 827 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 831 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 831 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 831 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 834 days Are NFTs About To Take Over Gaming?
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  1. Home
  2. Markets
  3. Other

Oil – Surge on New Demand

Crude oil bounced near the key support at 46.97 yesterday. An unlikely break of resistance at 47.75, as a break would signal significant exhaustion in recent selling pressures. Hourly resistance can be found at 47.46 (intraday high). Hourly support can be found at 46.50 (22/09/2016 high). Time to reload bearish positions.

In the long-term, crude oil is now recovering from its sharp decline and the signs of recovery are now strong. Strong support lies at 24.82 (13/11/2002) while strong resistance at 50.96 (09/10/2015 high) has been broken. Crude oil is holding way above its 200-Day Moving Average. Expected to reach 60 before year-end.

Daily Technical Report

 

Read the Report

Back to homepage

Leave a comment

Leave a comment