Published on 12/01/2018 10:59:19 AM | Source: Enrich Commodities India Pvt Ltd
If market breaks above the resistance level then it might continue in bullish trend - Enrich Commodities
Crude oil prices edged higher, near three-year highs on Thursday in the midst of expectations that global oil demand growth and ongoing OPEC cuts would continue to reduce excess supplies.
The rally in oil prices continued with undiminished force amid investor cheerfulness that key factors supporting the late-2017 rally such as strong OPEC compliance, and bullish oil demand growth amid rising global economic growth would equalize the expected ramp up in non-OPEC output.
The Baker Hughes Rig count is due to be released later on today.
Crude Oil daily chart has formed “Rising channel” pattern. The trend remains consolidated as the last session seems have retested the channel’s resistance slope line. As per the technical aspects of the pattern, the retest is likely to turn the trend to bearish. Once the same breaks below the interim support line, sell signal will be confirmed. The downside rally could test $63-62(4008-3944) levels in the upcoming sessions. Alternatively, if market breaks above the resistance level then it might continue in bullish trend. Resistance holds at $64(4071) and support at $60(3817).
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