Crude Breaks Free but Fundamentals Remain

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The range consolidating pattern that crude has been stuck in for the past month has been breached by an upside breakout on optimism that global supply might be curtailed. The rally has met some fierce resistance which could provide a short term opportunity for traders. The breakout came on the back of some bullish news that could lead to higher long term prices. Russia announced that it was willing to meet with both OPEC and non-OPEC nations to discuss the long term stability of prices. Russia

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