Oil Prices Rise as the Dollar Weakens, Oil prices moved higher early on Monday as the dollar continued its retreat from 20-year highs even as demand concerns continue to weigh.
TECHNICAL OUTLOOK
US OIL starts the week with a strong bullish candle pushing the oil price to US$89.13 per barrel as it strongly rejected from on our resisting trendline. On 05 September US OIL price rejected from our area of resistance at US$81.63, on the technical side oil opened up strongly to the upside as we can see it hit US$97.67 per barrel and above.
Disclaimer: this is not a trading signal rather an Idea...
TECHNICAL OUTLOOK
US OIL starts the week with a strong bullish candle pushing the oil price to US$89.13 per barrel as it strongly rejected from on our resisting trendline. On 05 September US OIL price rejected from our area of resistance at US$81.63, on the technical side oil opened up strongly to the upside as we can see it hit US$97.67 per barrel and above.
Disclaimer: this is not a trading signal rather an Idea...