Technical Analysis

WTI reverses to check the Dec 26 excessive

Oil climbs 6% from the lows

Oil began out the 12 months to the draw back on stories about slower Chinese language manufacturing and decrease Chinese language import quotas nevertheless it’s shortly reversed and is now buying and selling up $1.30 to $46.70.

That is a one-week excessive for WTI however up to now it is working into resistance on the Dec 26 excessive of $47.00. The height at the moment is $46.98.

The reversal in crude coincides with an enchancment in danger sentiment throughout the board. US shares have pared their losses and European shares are roughly flat.

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