The recovery of the US economy makes the crude prices fly high. The US housing data was better than expected. This shows the health of the US economy. Oil prices are in a deep correction from August 2013 after making a high at the level of $112. Prices rebounded from the lower level of $91 due to oversold indication by RSI. Prices faced resistance at the level of 95 and looking downwards. This is just starting of the bear market. In our last report we recommended to sell for the targets $85, $77. We still stick with this targets in coming days.
Recommendation- Sell with sl at 96 for the targets of $91, $88, $86.
The material has been provided by InstaForex Company – www.instaforex.com
The recovery of the US economy makes the crude prices fly high. The US housing data was better than expected. This shows the health of the US economy. Oil prices are in a deep correction from August 2013 after making a
high at the level of $112. Prices rebounded from the lower level of $91 due to oversold
indication by RSI. Prices faced resistance at the level of 95 and looking
downwards. This is just starting of the bear market. In our last report we
recommended to sell for the targets $85, $77.
We still stick with this targets in coming days.
Recommendation- Sell
with sl at 96 for the targets of $91, $88, $86.
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