Tuesday, 6 May 2014

O’Hare: Has oil price scraped bottom of barrel ?

Steve O’Hare from First 4 Trading believes the trend of lower oil prices has come to an end, as support signals target higher levels. An intraday 78.6 percent Fibonacci retracement towards USD 99 demonstrates that further losses would be limited. Support from the 200 day moving average and daily Ichimoku Cloud also indicate continued support.

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