Looking for long entry
Oil – Daily
Crude oil had a small retracement last Friday. Price pulled back into 200-day moving average line for testing, and still managed to close at 93.19 – above the 200-day moving average line – to maintain the bullish outlook.
The 93.50-94.00 range is the current resistance. As soon as this resistance level is cleared out, the price could pop up to the next resistance in the 96.25-96.00 range.
If/when the price reaches the 96 level we may see a small correction pullback, because the daily momentum indicators are getting into an overbought condition. Price could drop back down to the breakout point level for testing again.
But as long as the 91 level holds up, we can still use 89 as a stop loss for the long side.
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