Apr 6 - A Short Look Ahead for Oil/UCO
Price is ranging right now within the green box. Support looks like it should hold. There may be larger powers at be that do not want crude to fall back below $25.
Decent bounce off $2.50 support. I think it's safe to assume it'll hold for now.
$2.78 resistance needs to break in order to continue trend upwards.
Ultimately depends on the outcome of the OPEC meeting on the 9th. I believe they'll come up with a solution. It's either they do, or most of the economies around the world go into (deeper) failure.
Decent bounce off $2.50 support. I think it's safe to assume it'll hold for now.
$2.78 resistance needs to break in order to continue trend upwards.
Ultimately depends on the outcome of the OPEC meeting on the 9th. I believe they'll come up with a solution. It's either they do, or most of the economies around the world go into (deeper) failure.
Comment:
Guess ppl realized potential opec cuts were futile