Oil Prices To Consolidate Before Extending Higher
Mike Macdonald | Oct 23, 2016 12:57AM ET
Crude Oil prices continue to extend the bounce from the USD42.55 low of September, with prices managing to push above critical resistance at the USD51.67 high of June to reach USD51.93.
A short-term pullback remains highlighted, as overbought daily studies unwind, before prices continue higher once again, initially targeting the USD53.25 retracement.
Support is at the USD48.75 break level from August, with any break delaying anticipated gains and opening up deeper reactions towards congestion around USD46.00. Further losses, not seen, should stabilise above USD42.55, as investors maintain a buy-into-weakness strategy.
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