Crude oil prices edged higher on Tuesday settling off the highs of the session but climbing 0.25%. Prices made a higher high and a higher low which is
Crude oil prices edged higher on Tuesday settling off the highs of the session but climbing 0.25%. Prices made a higher high and a higher low which is indicative of an uptrend. The switch to the February contract has added the contango. Support is seen near the 10-day moving average at 52.62. Resistance is seen near the December highs at $55.44. Traders await inventory reports from both the API and the EIA. Expectations are for a draw given the seasonality of draws in crude oil and builds in products.
Momentum is neutral with the MACD (moving average convergence divergence) printing near the zero index level with a flat trajectory which reflects consolidation. The RSI is printing a reading near 60 which is on the upper end of the neutral range with a flat trajectory which reflects consolidation.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.