Oil Rally Capped by Trend Line Resistance

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:

OIL Daily:

Click on chart to see a larger view.

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

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by forex broker Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the forex trading account of the reader. We always aim for maximum accuracy and timeliness, and Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

Source: Vantage FX Blog