Oil prices are hanging out near the upper end of intermediate term balance. For the third time we are seeing responsive sellers defending the top bracket of this range.
Keep an eye on the support levels below, and how they are treated. A slow, 2-way auction at these levels suggests buyers are still interested enough to put up a battle. A knife through could suggest a shift in perception—perhaps a higher timeframe coming in and disrupting price.
Note—due to Monday’s holiday, the energy inventory reports are scheduled for tomorrow.
Key levels below:
