Crude oil rebounded from a seven week low as traders took the view that the decline in prices during the longest losing streak this year was overdone. Oil snapped a six day slump as traders bought contracts based on technical indicators. Crude has fallen below $62.55 a barrel yesterday, the lower resistance level of the Bollinger Band, indicating it was oversold. “In the short term, $60 may be the intraday support level, but in the longer term we have to go back to fundamentals, which are weak.....Complete Story
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