Crude: Break out or new selling opportunity?
Technically we assisted to a truly interesting week. Having failed to break the support at 44.00 dollars, the operators hurried to lock up the profits of the slid weeks, provoking a jump in the price of almost 10 dollars. The chopping prices continued for all the week, that has restored several technical pointers, like the RSI (that marked an overheating of the trend). This week could become crucial. The market just reached the top of the downtrend. A break above 52-54 dollars could attract new speculations (to the rise). If the break does not happen, so the trend would be confirmed, that would provoke a further acceleration to the downside and a new breaking-attempt to 44 dollars.
More Commodity Analysis: swisscommodity.com
More Commodity Analysis: swisscommodity.com
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