Market News & Analysis
Oil holding after trend break
Oil remains in an interesting position after sellers completed a trend break price continues to show demand from $51.95. This level formed on the 22nd of January. The consolidation fueled the last impulse before stronger selling developed breaking the current recovery trend. Price, for now, remains in an uptrend, and its good signs from buyers on the short term that price is finding support at a previous level. This could be a recharging point for a new continuation to develop.
From the sell side, buyers could look out for a new LH (lower high) below the trend break as this could be warning of a deeper correction.
Fundamentally traders remain focused on trade talks and OPEC cuts. Thursday morning Crude Oil Inventories will be released at 2:30 am AEDT
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