OIL Trading Outlook
OIL/USD experienced a rally in yesterdays European session, achieving a high of 80.84 before range trading took hold overnight. Oil started the Asian session at 80.50 and proceeded to range between 80.26/69 before managing to break support later in the session and finally close at 79.87. Going forward, technical analysis is pointing to a higher day for oil with a pivot of 78.90 and resistance at 80.60 and 81.40.
OIL/USD started the overnight trading session at 79.11 and suffered a drop to hit a session low of 78.70 before achieving a high of 79.60 and finally closing the session at 79.01. Looking ahead, technical analysis has a preference to buy oil at a pivot of 78 with resistance at 80.35 and 81.00.
OIL/USD experienced a lack of liquidity on the Asian open, starting the trading session at 80.10 and made moves lower later on in the session to achieve a session low of 79.11 and end the session at 79.28. Oil has followed gold, to a certain extent, as the commodity sell of continued from last week. Looking ahead, technical analysis has a preference to buy oil at a pivot of 78.75 with resistance at 80.35 and 81.00.
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