Oil price got a big boost from yesterday OPEC « agreement » – See previous post -. Technically oil prices show a more bullish picture and further upside MIGHT occur should the USD 47,75 level – september high and falling trendline coming from June tops – be surpassed . Daily RSI is giving a positive signal and the supports on the downside are at around USD 44-45. Above USD 47,75 oil prices should target once more the 2 years key resistance zone of USD 51-52 which if crossed on the upside would open much more potential.
Action : USO – United States Oil – Isin US91232N1081 – Tracker on WTI Oil Futures.
I do not buy at current price (USD 10,75 – 4:30 PM ) and WILL NOT as long as the price does not cross the USD 10,90 on a closing basis (Equivalent of a USD 47,75 crossing on the underlying) . Max price USD 11,10 . Stop at USD 9,70 ie below recent lows/supports. 1 unit .
Click on charts to enlarge