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Market Focus: Oil

jeffriess
June 24, 2020
by Joseph Jeffriess, Market Analyst

Hi traders, today we take a look at Oil’s daily chart.

We saw a slight change in momentum yesterday after sellers stopped an eight-day rally after buyers failed to hold new highs. Things looked promising into yesterday’s London session as price hit $40.60, a new high for June. This was short-lived as sellers came back into the market forcing price to a 2.34% decline for the day.

Today we look at yesterday’s session and at the new point of resistance developing from $41-$41.20 this area lines up with a previous low set in March. If we see further selling today and a break of yesterday’s low could this be evidence of a new pullback for Oil?

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