News & Analysis
Oil – Buyer exhaustion?
Recent drives have looked positive for oil, despite price has been unable to close above $52.45.
In the last three sessions buyers have tried however attempts to break above that level have been knocked back so far. Price shows a rough looking double top – it’d be interesting to see what is shaping up to be a supply zone. The single high to $52.93 level stops it from being a classic supply zone but overall it could be showing exhaustion as we can see a lot of active sellers from $52.14 to $52.60. Time required as buyers have stepped in from the two attempts to move lower.
Oil daily chart shown below.