Technical Analysis and Outlook
WTI (West Texas Intermediate) crude oil rose slightly from their last settlement on Dec 31 to $45.70 on Jan 2.
Prices continue posting their three-day rise. Major Key Support $42.50 will serve as an intermediate stop of the vicious decline we had so far: however, the latest increase might be mitigated with a bounce to played/weaken Mean Resistance $47.18, and perhaps Oil Rally $50.40 - we shall see. (For Market Commentary, please visit the usual site).
WTI (West Texas Intermediate) crude oil rose slightly from their last settlement on Dec 31 to $45.70 on Jan 2.
Prices continue posting their three-day rise. Major Key Support $42.50 will serve as an intermediate stop of the vicious decline we had so far: however, the latest increase might be mitigated with a bounce to played/weaken Mean Resistance $47.18, and perhaps Oil Rally $50.40 - we shall see. (For Market Commentary, please visit the usual site).