Published on 28 Jun 2016
The
WTI Crude Oil market rose during the day on Tuesday, as most risk
assets got a bit of a boost during the day. With this, it’ll be
interesting to see how things play out today with the inventory numbers
coming out but it has to be noted that we did break above the highs from
the previous session. That’s a fairly bullish sign and the fact that we
cleared the $48 level also show signs of strength. The 50 day
exponential moving average, pictured in red on this chart, seems to have
offered bullish pressure. At this point in time, I think it will be
fairly choppy but it looks as if the buyers are starting to step in and
assert their will again. A move below the $46 level would be very
negative.
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