OIL has been continuing its upward movement started in a mid-February. Last week demand broke resistance at 43.20 and after few days of the flat side trend movement, OIL has moved up and reached new local high.
For the last 6-months the price wasn’t so high like it is today. If the price stays above 43.20 there will not be any obstacle to test resistance at 48.00. However if correction occurs strong support will be located at 43.20 – 41.70.
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