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Crude stages short-covering bounce

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude prices have bounced sharply off their lows after both contracts fell to their lowest levels since December 2008 earlier this morning. The bounce looks to be driven first and foremost by profit-taking given that prices were severely oversold anyway and as WTI reached a key support level near $34.50 (see below for technical details). In addition, $35 a barrel has been on the back of many traders’ minds, so it is hardly surprising that it has found support around this level. Apart from

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