Crude Oil Movement
Crude Oil prices declined 0.74% against the USD for the 24 hour period ending 23:00GMT, closing at 103.06, as a government shut down in the US and a weak US non-manufacturing data weighed on the demand outlook of the commodity.
In the Asian session, at GMT0300, Crude Oil is trading at 103.20, 0.14% higher from yesterday’s close.
Crude oil is expected to find support at 102.59, and a fall through could take it to the next support level of 101.97. Crude oil is expected to find its first resistance at 104.10, and a rise through could take it to the next resistance level of 104.99.
Crude oil is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
