Price has been contained within an ascending triangle with a break above 54.05 exposing the 60.00 area. And a break below will meet resistance at the .618 Fib as it has supported price twice already. A break below the .618 Fib would expose the 44.00 area.
Area's of note: Provided also is Brent Crude (UKOIL) and as we can see the spread between Brent and WTI has been widening. Should be monitered closely as international producers this generally means that international producers are receiving more capital for production, while the U.S counterparts are lagging and hypothetically receiving less now for production. Will keep an eye on the spread at contract expiration's.
Happy Trading Folks =)
Comments
AMBRISH
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Daniel.B
THANKS FOR YOUR CLEAR VIEW.
Daniel.B
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Sure thing no problem, cheers. =)
AMBRISH
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AT PRESENT CRUDE IS TRADING NEAR .618 LEVEL , IT SEEMS IT WILL TAKE SUPPORT AND MOVE UP.
Daniel.B
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Yes it could very possibly do so, I don't hold any positions in crude ATM though. Waiting for it to reach the top of the range in the $54 to see what it does at that level. It seems to of definitely found support though.
Daniel.B
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Brent Crude is represented as the "Red Line" overlay on the chart.
THANKS FOR YOUR CLEAR VIEW.