- Oil bulls want to resume the main bull trend.
- Crude oil is trading above its 50, 100 and 200-period simple moving average but the 100 and 200 SMA are rather flat suggesting lack of strong bullish momentum in the market. The RSI indicator is pointing down after a leaving the overbought region while the Stochastics is turning down in the overbought zone.
- A failure to break above 73.00 a barrel should see a rotation down towards 70.00.
Spot rate: 72.09
Relative change: 0.85%
High: 72.71
Low: 71.35
Main Trend: Bullish
Resistance 1: 72.00 figure
Resistance 3: 73.00 figure
Resistance 4: 75.00 figure
Support 1: 71.41-63 zone, Sept.4 high-July 13 high
Support 2: 70.53 May 24 low
Support 2: 70.53 May 24 low
Support 3: 70.00 figure
Support 4: 69.44 June 25 high
Support 5: 69.30 August 24 high
Support 6: 69.00 figure.