That is an area that is massively resistive, and that we have broken above that tells me that the buyers are coming back into the market.
Oil markets look very healthy, and we have broken above a major resistance barrier. Given enough time, I believe that we will continue to see choppiness, but then given enough time I think that the oversupply of oil return.
Obviously, we are not seeing that right now. The fact that the oil markets can rally in the face of the stronger US dollar is also a sign of just how bullish things have gotten. However, I do recognize that eventually the Americans flood the market with supply, even though we are starting to see tightening of the supply chain worldwide. Crude Oil weekly chart, November 06, Brent weekly chart, November 06, Don't miss a thing!
Discover what's moving the markets sign up for a daily update delivered to your inbox. More Forecasts See All. Expand Your Knowledge See All. Why Bitcoin Cash is Better than Bitcoin. Make Your own Cryptocurrency: Not Difficult, But Expensive. ABOUT US FX Empire - the company, employees, subsidiaries, and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as link result of reliance on the information provided on this website.
The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. FX Empire may receive compensation from the companies featured on the network. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price.
FX Empire bears no responsibility for any trading losses you might incur as link result of using any data within the FX Empire.More...