Oil: Solid Resistance At 32.50
ICN.com | Jan 27, 2016 06:12AM ET
The bullishness on oil stopped by SMA20 at 32.50 and that proves the solidity of this resistance and it should be taken out to prove the bullishness extension over intraday basis.
RSI trades below the level of 50.00 although oil remains bearish, but ADX shows decrease in bears’ power.
We will be bullish over intraday basis, but stability above 29.60 is the clue, as clearing it again will negate.
Support: 30.00 – 29.60 – 29.00
Resistance: 31.80 – 32.50 – 33.00
Direction: Bullish
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