Market Analysis

Oil has pulled back to $53 a barrel

OIL
Oil has pulled back to $53 a barrel after attempts yesterday to force resistance placed at $53.9-$54, failed to generate the break-up of this level. Despite the correction of the last few hours, the main scenario remains supportive for oil, which is still placed in a long-term positive movement, after the sharp decline of last spring.

Technically the first support zone is now placed at $52.7, while the following significant support level is placed at $51.5. A new positive signal will arrive with the breakout of $53.9/$54.

Carlo Alberto De Casa – Chief analyst, ActivTrades

 

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