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Oil Trades Bullishly Around 32.20

Published 02/04/2016, 05:34 AM
Updated 07/09/2023, 06:31 AM
CL
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Oil trades near SMA20, which is a very sensitive level around 32.20 and Fibonacci of 23.6% at 33.050.

Oil Daily Chart

Those levels are decisive today following yesterday’s long wick candle, and we still believe that oil will attempt to breach 33.05 towards 34.20.

A break above 35.05 –SMA50- will ease the path for further upside actions as far as 31.85 holds and preferably as far as 32.20 holds.

Support: 32.20 – 31.85 – 31.00

Resistance: 33.05 – 34.20 – 35.05

Direction: Bullish

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