Forex Marketz Daily Forex News – Fully Markets Update
The price of US WTI crude oil continues to push higher. Traders of oil are concerned over geopolitical tensions in the Middle East, with Syria, and in the South China Sea as the United States is deploying a carrier strike group over North Korean missile tests. Last week, after Syria used chemical weapons against civilians the United States launched dozens of cruise missiles at an airfield in the north sparking off tensions with Russia and Iran.
Oil even pushed higher, to a fresh monthly high, after a recent Baker Hughes data release revealed that the number of active oil rigs, in the United States, hit the highest level since August 2015.
Crude Oil Technical Analysis
Using the above daily MT 4 chart, we will discuss today’s daily technical analysis. The price of the black gold has closed above $52.05 per barrel and looks set to challenge the next technical resistance layer that lines up at 53.58. A break above this upside barrier challenges a cluster zone that runs from the January 3rd high. This area lines up at 55.10 to 55.20.
The alternative technical analysis notes the first downside barrier lining up at $50.05 per barrel. A break below this first support layer challenges the next downside barrier lining up at 50.15.
