Crude: Break out or new selling opportunity?

NYMEX:CL1!   Light Crude Oil Futures
99 0 0
Technically we assisted to a truly interesting week. Having failed to break the support at 44.00 dollars, the operators hurried to lock up the profits of the slid weeks, provoking a jump in the price of almost 10 dollars. The chopping prices continued for all the week, that has restored several technical pointers, like the RSI (that marked an overheating of the trend). This week could become crucial. The market just reached the top of the downtrend. A break above 52-54 dollars could attract new speculations (to the rise). If the break does not happen, so the trend would be confirmed, that would provoke a further acceleration to the downside and a new breaking-attempt to 44 dollars.

More Commodity Analysis:
EN English
EN English (UK)
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