Technical Analysis and Outlook
Crude oil closed down small while forming tight Mean Support $62.80. The bears continue to have the overall near-term technical edge; however, the latest crude price action indicates a short-term market bottom is at hand. With sudden surge upwards we are looking at Mean Resistance $67.50 as a significant target, while Oil Dip 61.40 is continuously being the bears' destination.
Crude oil closed down small while forming tight Mean Support $62.80. The bears continue to have the overall near-term technical edge; however, the latest crude price action indicates a short-term market bottom is at hand. With sudden surge upwards we are looking at Mean Resistance $67.50 as a significant target, while Oil Dip 61.40 is continuously being the bears' destination.