Crude oil inventories fell by 5.2 million barrels in this week which surprised the market and then the U.S Oil price surged yesterday. It is now trading above the 47.15 key support level. As long as the price remains above that level on four-hourly basis, we think the upward movement may continue and we will face resistance levels at 48.15 and 48.70. Although, if the price drops below 47.15, the next support level will be at 46.60.
Support: 47.15 – 46.60 – 45.95
Resistance : 48.15 – 48.70 – 49.30
11 May 17 (Thu)
Important : One Billion Signals will not be liable for any losses sustained while using the services provided on the One Billion Signals application. This application is not a solicitation to trade forex signals, nor is the representation is being made that any account will, or is likely to, achieve profits or losses similar to those discussed on the application. The past performance of any trading system or methodology is not necessarily indicative of future results.
© 2020 One Billion Signals All Rights Reserved