Crude Oil Trading Near Main Resistance
ICN.com | Jun 24, 2015 05:13AM ET
Oil is trading near the main resistance areas of the sideways range as seen on the graph. Trading above moving averages 20 and 50 keeps the bullishness favored.
A break above 61.40 is required to affirm the bullishness as sign on ADX becomes weaker.
We will continue to depend on stable moves above moving averages to be bullish, while 59.60 should protect the scenario.
Support: 60.65-60.20-59.15
Resistance: 61.40-62.10-62.70
Recommendation: Buying is favored above 61.40 with targets at 62.00 and 62.60.
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