Crude Poised to Re-Test $95
Crude Oil is pressing new swing highs this morning after an amazing recovery yesterday. An early knee jerk reaction had seen an enormous outflow from commodities. The dollar is still trading close to 83 and near its swing highs but Crude Oil was able to bounce back and recover a lot better than other commodities like Copper. We will now be using the May contract which trades roughly 40cents higher than the April. The current price is 94.18 with a 94.31 high, within 1 penny of the swing highs. The line in the sand that we have used has been the 100 and 200 day moving averages which now sit at 92.51 and 92.39. There will be support at 93.23, a retracement level and a volume pocket, a close below here will show signs of further weakness and a failed move higher.
Resistance - 94.32**, 94.45, 95.50***
Support - 93.23***, 92.97**, 92.50-92.30***
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.