Crude exploding higher
Crude seeing a big move off the $65 support level! Up almost 6%. China reporting 0 covid cases (demand ramp up again), explosion at Pemex oil rig, weaker dollar and better risk sentiment all helping to send the black liquid soaring higher. OPEC+ will be happy to see this.
The RSI touched oversold and ramped higher to around 44. Price is back up to the trendline that formed on the previous rising lows. $70 will be the next key test for oil if it is to continue higher from here. Horizontal resistance and the 21-day EMA are all around the $70 level. On the downside $65 remains a line in the sand for bulls.
The RSI touched oversold and ramped higher to around 44. Price is back up to the trendline that formed on the previous rising lows. $70 will be the next key test for oil if it is to continue higher from here. Horizontal resistance and the 21-day EMA are all around the $70 level. On the downside $65 remains a line in the sand for bulls.
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Global risk Warning CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading in CFDs. You should consider whether you understand how CFD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.