Crude exploding higher
Crude seeing a big move off the $65 support level! Up almost 6%. China reporting 0 covid cases (demand ramp up again), explosion at Pemex oil rig, weaker dollar and better risk sentiment all helping to send the black liquid soaring higher. OPEC+ will be happy to see this.
The RSI touched oversold and ramped higher to around 44. Price is back up to the trendline that formed on the previous rising lows. $70 will be the next key test for oil if it is to continue higher from here. Horizontal resistance and the 21-day EMA are all around the $70 level. On the downside $65 remains a line in the sand for bulls.
The RSI touched oversold and ramped higher to around 44. Price is back up to the trendline that formed on the previous rising lows. $70 will be the next key test for oil if it is to continue higher from here. Horizontal resistance and the 21-day EMA are all around the $70 level. On the downside $65 remains a line in the sand for bulls.
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