Oil has pulled back to $53 a barrel after attempts yesterday to force resistance placed at $53.9-$54, failed to generate the break-up of this level. Despite the correction of the last few hours, the main scenario remains supportive for oil, which is still placed in a long-term positive movement, after the sharp decline of last spring.
Technically the first support zone is now placed at $52.7, while the following significant support level is placed at $51.5. A new positive signal will arrive with the breakout of $53.9/$54.
Chief analyst at ActivTrades and technical analyst for Italian newspaper 'La Stampa'. Carlo Alberto provides regular commentary for UK outlets including the BBC, Telegraph, the Independent Bloomberg & Reuters. He is also a weekly commentator for CNBC Italy and a columnist for La Stampa. He worked for Bloomberg as their Equity Research Fundamental Analyst before joining brokerage ActivTrades in 2011 to specialize in currency markets and commodities. In 2014 he published a 250-pages book on gold and the gold market, followed in 2018 by a new updated edition.
© 2019 High Leverage FX - All Rights Reserved.
© 2019 High Leverage FX - All Rights Reserved.