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Crude oil: Stands Above The 49.30 Zone With Warning

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    CRUDE OIL: The commodity closed strongly higher the past week holding above its key resistance at 49.30 and opening the door for more strength in the new week. However, we may see a pullback as a rejection candle is now seen on the daily chart after its Friday negative close. On the downside, support resides at the 49.00 level where a break will expose the 48.00 level followed by the 47.00 level. A cut through here will aim at the 46.00 level. Conversely, resistance is located at the 50.00

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