Crude Oil Movement
Crude Oil prices advanced 0.19% against the USD for the 24 hour period ending 23:00GMT, closing at 107.16, as escalating violence in Egypt raised concerns of supply disruptions from the Middle East.
In the Asian session, at GMT0300, Crude Oil is trading at 107.22, marginally higher from yesterday’s close.
Crude oil is expected to find support at 106.59, and a fall through could take it to the next support level of 105.96. Crude oil is expected to find its first resistance at 107.86, and a rise through could take it to the next resistance level of 108.50.
Crude oil is showing convergence with its 20 Hr moving average and its trading just above its 50 Hr moving average.
