Market Overview

Yesterday's Reversal Puts Oil Bears on Notice:

Crude Oil recovered tremendously yesterday off of support with a low of 94.97 just below that of last week. After closing right at resistance of 97 yesterday, the market has grinded higher this morning nearly testing 97.50. Look for a close above 97 to signal a further test higher. Also, the Dollar has pulled back from its highest level last night relieving pressure on commodity prices. Crude was trading very strong late in the day yesterday as the Dollar was at its highest level. If the Dollar continues to pull back Crude should easily find its path of least resistance higher and a retest to 98.22 in the cards. Also, watch the equity market and any sign of weakness may bleed into Crude's recovery. Bottom line look for a re-test of $98.22 

Pivot - a close above 97 is bullish
Resistance -, 98.22***, 98.75*, 100

Support- 96.63*, 95.89**, 94.83-94.97**, 93.50***

Posted-In: Commodities Markets Trading Ideas

 

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