OIL Trading Outlook
saw a massive rally yesterday on the back of news that the Greek Prime Minister George Papandreou may be resigning. The news out of the G20 took oil from an early low of 91.07 to a daily high of 94.55 before opening slightly lower in Asia at 93.75 and hitting a session low of 93.26 since which it has been trading higher and is currently at 94.66 with resistance seen at 94.88.
OIL started the Asian session at 92.47 and traded lower to the 38.2% retracement level (90.79) from the high seen in March before rallying and then falling to that support area. Since the European open, oil has rallied significantly and is currently at 93.17.
Oil (Crude) started the overnight session at 90.91 and proceeded to trade higher after a lower European trading session. After hitting a session low of 90.62, oil made gradual gains to achieve a high of 92.71 and briefly broke the pivot point of 92.46. Since the European open, oil has traded slightly lower currently at 92.40. Technical analysis indicates oil trading higher with 93.20 as the next resistance level and 93.85 beyond that.
OIL shared a similar fate as gold overnight, opening in Asia at 92.24 and initialy trading higher to a session high of 92.83 before falling fairly sharply to a session low of 91.11 where it closed. Technical analysis points to a lower trading day for oil with initial support at 9075.
Oil (Crude) started off the Asian session at 93.29 and proceeded to trade lower hitting a session low of 92.29 before recovering slightly in time for the European session to take over. Sine opening in Europe, oil trading has been quite flat and is currently at 92.53.
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