Crude Oil: Prices Soar Affected By Worries Of Weak Production
ICN.com | Sep 30, 2014 04:04AM ET
Crude soared affected by the worries of weak production amid the closure of units and refineries in eastern Canada and Texas for the unplanned repair in conjunction with the seasonal maintenance operations of other refining units.
Technically, we notice that the price managed to break above the resistance of the descending channel showing on graph above, and touched the first main target at 94.70, as we notice positive signals that support extending the bullish bias in the upcoming period forcing us to favor achieving further gains that could extend to reach 98.85 levels.
Therefore, the upside move will be expected intraday unless the price breaks 93.45 and stabilizes below it.
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