Oil has been moving higher in trading today, helped by the lower dollar and a bounce off lower trend line support in yesterday’s trading.
The changes in the major currencies.
Looking at the hourly chart below the price tested the wide channel support line at the 79.88 level and found buyers. The bounce gave short cause for pause and the price has moved to the 200 hour MA (green line in the chart above). A move above the 200 hour MA (at 81.41 – see chart above) and the next target will look toward the 81.88 topside trend line. Look for sellers against this level on a test with stops on a break.
Oil is up on the day testing 200 hour MA in the process.
