Crude Oil moved lower, ending month in red. Crude Oil price fell modestly lower for the month in June, halting the stage of price recovery that most investors were looking forward to. Price traded in tested the 23.60% Fibonacci Retracement mark and appears to have edged back and forth thereafter. The next level of target support for the commodity is seen near the lows at 56.80. A close below this level would target the May low at 56.60. Resistance is seen near 62.80 level.
Crude Oil traded traded flat on the weekly chart, as the Greek debt default continued to weigh the commodity market down. Momentum of the Crude Oil prices have been dull of late, most notably with the price complex dwelling within the 57.10 – 62.60 range. Failing to breach the 62.60 resistance multiple times, such occurrence does not bodes well for the Crude Oil. As we crosses into mid week, any breach past the critical support at 57.10 would reinforce the expectations of the bearish trend continuation.
Crude oil turned higher on Tuesday, hitting a session low of 58.00 initially (level last seen on June 8th), before recovering to trade the high at 59.70. Ending the trading session at 58.90, price has recovered to the rising trend line, on hint that the longer-term uptrend may be resuming. Importantly, to reinforce on the aforementioned scenario, price has to breach the key resistance 59.30, together with the 120 days EMA. Meeting this level will add more strength to the support of a rising trend line. Alternatively, a move back below the support at 58.30 would speak otherwise.