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.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Review of crude oil for June 13, 2014 . Thanks for your support on Review of crude oil for June 13, 2014
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