Crude oil moves higher after PM Netanyahu speech
Israel PM Netanyahu speech in front of the joint session of congress has rattled the oil markets on fear from increased tension out of Iran/the middle east.
From a different angle, CNBC is reporting that Andrew Hall, legendary oil trader, is exiting his bearish oil bet.
Technically, crude oil futures have been waffled above and below the 100 (blue line in the chart above)and 200 hour (green line) MAs (currently at the 49.69 and 50.01 respectively). Stay above those levels and the buyers remain in control. Yesterday, the price moved above trend line resistance, and has been able to stay above that line since breaking (see chart above). The 50% of the move down from the February 17 high comes in at 51.36 and this would be the next target on the topside . The high from last weeks trading comes in close to that level at 51.28. Above that the 52.20 is the 61.8% retracement.
Looking at the daily chart, crude oil has been consolidating in a narrow trading range near the bottom. The topside trend line comes in at 53.75. The high price for February (and the high price since the low was reached at the end of January) comes in at 55.05.
Risk on the downside from this chart comes in against the lower trend line at 48.34 (and moving higher).
Should the price be able to take out the close resistance targets from the hourly chart, and then the topside trend line on the daily chart at 53.75 and the 55.05 level, traders may look toward 60.00 to 62.32 area The 60.00 level is near a ceiling area from December. The 62.32 is the 38.2% retracement of the move down from the September 30 high (see chart below).
