Crude Oil Remains Bullish After Breaking the 100 SMA
Crude Oil turned bullish earlier this week and it broke the 200 SMA which had been providing resistance for two weeks
Crude Oil turned bearish in September after the big surge by the middle of that month, following the attack on Saudi Arabia’s Oil production facilities. But, the Saudis recuperated the facilities pretty quick and WTI crude fell to the support area above $50.
Although, that support zone held once again and since then the trend has been bullish in crude Oil. The climb has been slow, but buyers have been in control nonetheless. But, the 200 SMA (red) which has provided support for US Oil earlier, turned into resistance for a couple of weeks.
In the first two days of this week, Gold reversed lower after comments that OPEC+ probably won’t decide to cut production further in December. But, the support area around $55 held and WTI Oil jumped higher from there. The 100 SMA was broken without much resistance yesterday and today Oil continues to grind higher. So, crude Oil is pretty bullish now and a retrace lower to the 100 SMA which stands about $1 lower, at $5750, should be seen as good opportunities to buy.
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