Oil, Up or Down?
On the daily chart, it can be observed that crude oil has rejected the crucial 71.67 resistance as sellers entered the market to position for a drop back towards the 65 level. For the buyers, they will require the price to break above this resistance in order to start targeting the major trendline around the 76 level.
Interesting enough, there are two banks given contradictory forecast, MKTNews reports,
RABOBANK: OIL PRICES EXPECTED TO AVERAGE $70 NEXT YEAR DUE TO EMERGING SUPPLY SURPLUS
UBS: OIL PRICES EXPECTED TO REBOUND ABOVE $80 PER BARREL AS INVENTORIES DECLINE
Interesting enough, there are two banks given contradictory forecast, MKTNews reports,
RABOBANK: OIL PRICES EXPECTED TO AVERAGE $70 NEXT YEAR DUE TO EMERGING SUPPLY SURPLUS
UBS: OIL PRICES EXPECTED TO REBOUND ABOVE $80 PER BARREL AS INVENTORIES DECLINE
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