Crude Oil price formed a large daily candlestick regarding to the session on Monday 06/06/2016, but still failed to break above the short-term resistance level at $50/bl.
Taking under consideration the above we expect, after a daily close above the $50, a move until the area of 51-51.65.
The short-term trend according to the daily time frame is in an Uptrend technically indicated by following:
• Higher tops and higher bottoms
• The uptrend is confirmed by the bullish cross of MA10 above MA20.
Prices are trading above the support level at 48 (support 1) and is challenging the resistance level at 50.
Therefore, we will recommend LONG POSITIONS for the no position holders on Crude Oil. Take profit at 51-51.65 level.
Alternatively, a move below the support trend-line at 48 exposes the price to move lower.
Taking under consideration the above we expect, after a daily close above the $50, a move until the area of 51-51.65.
The short-term trend according to the daily time frame is in an Uptrend technically indicated by following:
• Higher tops and higher bottoms
• The uptrend is confirmed by the bullish cross of MA10 above MA20.
Prices are trading above the support level at 48 (support 1) and is challenging the resistance level at 50.
Therefore, we will recommend LONG POSITIONS for the no position holders on Crude Oil. Take profit at 51-51.65 level.
Alternatively, a move below the support trend-line at 48 exposes the price to move lower.