TheBanker
Short

Comex Trading Tips and Market Analysis - OIL SHORT!! H&S?!

FX:USOIL   CFDs on Crude Oil (WTI)
Overview :

US oil             surges 6.2%, closes at $31.48 a barrel after a group of oil-importing countries said energy stockpiles will grow at a slower pace on monday.

On Technical charts, Very Short term trend of crude is bullish , it has given upside breakout from downward sloping trend. Now market is making higher top and higher bottom formation on chart. Market is likely to be further bullish , it has retrace its recent significant upward movement and still sustaining above the downward sloping trend line . It has been taking support of 50 DMA & 200 DMA on one hourly chart. Resistance is seen at high of $34.80, while support is seen at $31.25. On intra day basis Crude oil             price likely to trade with positive biased.

RSI entered in negative now and trading at 47.48.


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Comment: Market has broken 33.60 which should now show more upside to 34 and 37.50 as an extension
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