OVERVIEW>>>>>>>>>>>
Oil inclined yesterday, breaching the main resistance of the descending channel, but it trades near 37.75, which is a decisive level for intraday trading.
ADX is positive, while moving averages attempts to get out from the channel and that would bring further upside movements.
Re-testing 39.25 is available, but coming below 36.05 will cause failure.
Support: 37.35 – 36.60 – 36.05
Resistance: 36.60 – 37.35 – 37.75
Direction: Bullish with confirmation above 37.85
Oil inclined yesterday, breaching the main resistance of the descending channel, but it trades near 37.75, which is a decisive level for intraday trading.
ADX is positive, while moving averages attempts to get out from the channel and that would bring further upside movements.
Re-testing 39.25 is available, but coming below 36.05 will cause failure.
Support: 37.35 – 36.60 – 36.05
Resistance: 36.60 – 37.35 – 37.75
Direction: Bullish with confirmation above 37.85