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29 May 2014
Oil extends recovery above 103.50
FXStreet (San Francisco) - The US oil is extending its recovery from 9-day lows at 102.55 and after rising around $1 in the American morning, the black gold is now testing the 103.55 area.
"Oil accelerates higher, recovering above 103.10, 23.6% retracement of its latest daily bullish run, after posting a low of 102.55," commented Valeria Bednarik from FXStreet. Currently, the oil is pricing at 103.45, 0.03% negative on the day.
Oil Sentiment
"The black gold has been in the bullish track for most of this May, and the kneejerk down to mentioned low seems now corrective," points Bednarik. "A daily close above mentioned Fibo should confirm further recoveries, eyeing 104.50 this month highs as immediate resistance and target."
"Oil accelerates higher, recovering above 103.10, 23.6% retracement of its latest daily bullish run, after posting a low of 102.55," commented Valeria Bednarik from FXStreet. Currently, the oil is pricing at 103.45, 0.03% negative on the day.
Oil Sentiment
"The black gold has been in the bullish track for most of this May, and the kneejerk down to mentioned low seems now corrective," points Bednarik. "A daily close above mentioned Fibo should confirm further recoveries, eyeing 104.50 this month highs as immediate resistance and target."