Good afternoon traders,
And just like that, there’s another week in the books! But before we head our separate ways for some much deserved R&R, I wanted to back yesterday’s indices focused blog up with a commodities focused blog today.
The price of oil has benefited from supply cuts from OPEC and we’ve all heard about the various hurricanes battering the southern American states. Just take a look at the daily chart below:
But while price has continued to step up, forming higher lows as it goes, it has found resistance at this daily trend line.
Zoom into your intraday charts for clues as to whether price is holding or in fact breaking out and as always, don’t be shy to share with us your thoughts on Twitter.
Best of probabilities to you!
Dane Williams – Vantage FX
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Source: Vantage FX Blog