Slobodan Drvenica
Windsor Brokers
WTI oil price rose to nine-week high on Tuesday, in extension of strong Monday’s strong rally (up almost 2.5% for the day).
Increased demand due to summer driving season and persisting supply fears on heated geopolitical situation inflate oil price, which rose above $84 per barrel for the first time since late April.
Bullish technical studies on daily chart (MA’s in bullish setup / strong / positive momentum / price broke above daily cloud) contribute to positive outlook.
Bulls cracked $84.00 round-figure barrier but need to register a daily close above here to confirm signal for 85+ extension.
Meanwhile, bulls may pause for consolidation, with dips to find ground above daily cloud top ($81.87, reverted to solid support) to keep bulls intact and offer better buying opportunities.
Res: 84.03; 83.43; 85.00; 85.59
Sup: 83.32; 82.27; 81.87; 81.60
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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