Crude Oil Movement
Oil prices declined 0.43% against the USD for the 24 hour period ending 23:00GMT, closing at 100.08, as signs of further economic slowdown in Europe outweighed better-than-expected US manufacturing data.
In the Asian session, at GMT0400, Crude Oil is trading at 100.08, flat from yesterday’s close.
Crude oil is expected to find support at 98.91, and a fall through could take it to the next support level of 97.74. Crude oil is expected to find its first resistance at 101.21, and a rise through could take it to the next resistance level of 102.34.
Crude Oil is showing convergence with its 20 Hr and 50 Hr moving averages.
