Signs Of Improvement In Oil And Energy
Mike Macdonald | Oct 09, 2016 03:22AM ET
Oil's bounce from the USD39.19 low of August is extending, with prices now pressuring congestion around USD50.00 in steady buying interest. A tick higher in monthly studies, coupled with steady improvement in longer-term readings, anticipates a test of critical resistance at the USD51.67 high of June.
A subsequent close above here will confirm continuation of the broad rally from the February lows, as investors adopt an outright bullish stance, with the USD54.00, (76.4%) retracement of the 2015-2016 fall to attract. Beyond here is the USD57.25, (38.2%) retracement of the 20174-2016 fall.
Support is down to the USD48.32 low of September, but any unexpected break should stabilise above critical support at USD39.19, as sentiment gradually improves.
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