Kindly check the OPEC preview and important technical levels in the post here
Prices are currently trading around $49.70/barrel. Going purely on the basis of technical charts, continuation of the rally would require a clear break above $50.83 (latest cyclical high) on day end closing basis.
On the other hand, a break below $48.34 (50% of May 2015 high – Jan 2016 low) would signal corrective move ahead.
Prices are currently trading around $49.70/barrel. Going purely on the basis of technical charts, continuation of the rally would require a clear break above $50.83 (latest cyclical high) on day end closing basis.
On the other hand, a break below $48.34 (50% of May 2015 high – Jan 2016 low) would signal corrective move ahead.
