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Crude Oil Today Chart 07/03/2016


WTI surged on Friday after it hit support near the key zone of 34.40 (S3). The rally violated two resistance (now turned into support) barriers in a row and now looks to be headed towards the 37.00 (R1) resistance barrier. Given that the rate rallied after it tested the 34.40 (S3) obstacle, which is the upper bound of the range WTI had been trading from the 12th of February until the 2nd of March, I would consider the short-term outlook to be positive. I believe that a decisive break above 37.00 (R1) is possible to open the way for the 38.20 (R2) territory, marked by the peaks of the 24th of December and the 4th of January. Our short-term oscillators reveal strong upside speed and corroborate my view. The RSI edged higher and emerged above its 70 line, while the MACD stands above both its zero and trigger lines, pointing up. On the daily chart, the exit of the aforementioned sideways range has turned the medium-term outlook cautiously positive in my opinion.

OIL 07


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