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WTI Crude Oil May Rebound To Bullish Territory

By CommodityOnlineCommoditiesMay 28, 2013 06:14AM ET
www.investing.com/analysis/wti-crude-oil-may-rebound-to-bullish-territory-168706
WTI Crude Oil May Rebound To Bullish Territory
By CommodityOnline   |  May 28, 2013 06:14AM ET
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The 200-day SMA, alongside the 50-day SMA were recently able to reject downside attempts, confirming 92.40 as a key support level and downside barrier. The price has formed a major hammer candle at 92.40 for the second time, as shown on the daily chart above. Accordingly, a bullish rebound is possible as long as 92.40 is holding. Only a break below 92.40 would signal a bearish reversal.

WTI Crude Oil
WTI Crude Oil

Support: 93.00, 92.40, 91.10, 90.10, 89.30
Resistance: 94.30, 95.00, 95.00, 96.20, 97.20

Based on the charts and explanations above, we prefer to long oil above 93.00 targeting 94.25 and 95.25. Stop loss with four-hour closing below 92.40.

WTI Crude Oil May Rebound To Bullish Territory
 

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WTI Crude Oil May Rebound To Bullish Territory

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