WTI Crude Oil (current price: $44.25)
Oil had a mixed session yesterday, as it fell sharply in early trading, but bounced back in late trading. The crucial commodity finally ended the day up by almost 1%, despite being down by 3% in the morning. The broad Dollar rally still weighed on WTI Crude on Monday, but the $42.50 support level caused a technical bounce. Another strong support level is found at $40, while a resistance zone lies ahead near the $46.50 level.
Our assessment: Oil trades right at the rising 200-day Moving Average this morning. The neutral long-term range between $40 and $52 is still intact.
