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Crude oil on the verge of a big breakout

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Both Crude contracts are up for the third consecutive day, with Brent currently trading above the psychologically-important and key resistance level of $50 and WTI above $47 a barrel. Oil prices have been supported by a number of factors lately, including the unwinding of bearish positions, a slightly weaker US dollar, the positive vibes arising from the rebounding stock markets and Russia’s military actions in Syria which has increased supply-side risks in the Middle East region. But above

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