13.06.201404:50 Forex Analysis & Reviews: Review of crude oil for June 13, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Oil price rushed to a 9-month high amid concerns in Iraq. In yesterday's session, it spiked and gave a fresh upside breakout close above the multi-year trading range, its a highly bullish note for oil. Currently the oil is trading at 107.30 levels. It made a high at 107.67 levels in Asia's session and still boiling to breach the previous swing high at 110.55 with intermediate resistance at 107.71 and 108.25 levels.Those who missed the bus at 105.25 levels, can enter at 108.25 for 110.55 levels.

On the down side, the support exist at 105.70 and 105 levels. Bulls need to worry only if the price slices below 103.50 levels.

Risky traders can short until it breaches the 108.20. The hourly momentum indicators favors to a small correction towards 106.30 and 105, and 105.70 levels.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.