Comex Trading Tips and Market Analysis - OIL SHORT!! H&S?!Overview :
US oil surges 6.2%, closes at $31.48 a barrel after a group of oil-importing countries said energy stockpiles will grow at a slower pace on monday.
On Technical charts, Very Short term trend of crude is bullish, it has given upside breakout from downward sloping trend. Now market is making higher top and higher bottom formation on chart. Market is likely to be further bullish, it has retrace its recent significant upward movement and still sustaining above the downward sloping trend line. It has been taking support of 50 DMA & 200 DMA on one hourly chart. Resistance is seen at high of $34.80, while support is seen at $31.25. On intra day basis Crude oil price likely to trade with positive biased.
RSI entered in negative now and trading at 47.48.
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