Crude oil experienced a big bounce off the recent lows of 38 - rising in rapid fashion towards 50. However, the 50 DMA (the blue line) acted as a roof and smacked the bulls down. Now oil is simply treading price in the 44/45 range, which I said was an important range the last time oil visited these numbers. Can oil hold this range on take two? I'm not sure it can - those falling moving averages provide a big resistance overhead. It will take 'news' I believe to break that type of downward momentum.
Watch 44, just like last time. Can it hold?
Watch 44, just like last time. Can it hold?