Hozzászólás

Crude Oil rallied strongly this week on the back of further signs of economic growth which led to a technical move back above USD 72.50 reaching USD 79.30 before the Fed hike triggered some profit taking. The speculative long position on the WTI futures contract has been reduced by 68% over the past few weeks leaving the market in a better position to react to positive news.

The near month futures contract is poised to close above its 200 week moving average at USD 76.20 this week. This is only the second time since October 2008 this has happened and a technical reaction to the upside could be expected. A move through resistance at USD 80 would target USD 85 while support can be found at USD 75 followed by USD 69.50.