Oil is rising up to a cluster of daily major moving averages in the $79.00s. These will probably present a tough level of resistance for the commodity. The persistence of the short-term uptrend will depend on a decisive break of this resistance barrier. On the 4-hour chart used to assess the short-term trend Oil has decisively broken out a falling channel and reached the conservative target for the breakout at $78.17 .
Oil Daily Chart The key feature on the daily chart is the cluster of resistance in the $79s from all three major Simple Moving Averages – the 50, 100 and 200-day SMAs. This is likely to present a considerable barrier to more upside and could be an inflection point for Oil price. It would require a close on a daily basis above $80.36 to confirm a successful break above resistance from the three SMAs and a continuation up to a target at $83.50.
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