Oil defying gravity at trend-line resistance, prospects for $60 increasing

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The price of a barrel of oil has been mounting on the charts and is currently well placed for higher levels.

Bears still lurking below sixty, with sights on the sixty one.8% Fibo at fifty one.70.
The Bulls have managed to induce into a optimistic position that opens risk towards the sixty handle on the daily outlook whereas the value is currently testing the higher GMMA band's resistance and is currently on top of the 200-daily moving average. The trendline resistance could be a major barrier tho'.



The bulls, do, however, have to be compelled to shut on top of the sixty handle with conviction as failures there leaves the basic device prospects of the fifty two handle in danger wherever a breakdown here may lead to a take a look at of the sixty one.8% Fibo at fifty one.70 on the wide.

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