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10 Jul 2013
WTI crude oil breaks above 104.00 level
FXstreet.com (New York) - WTI crude oil has managed to break higher Wednesday morning during Asian trading, having scaled key resistances since yesterday.
According to Adam Button at ForexLive, “The best bull markets are usually the ones that very few people are talking about. One such rally is presently occurring in oil prices, which has usually risen 12% since June 24.”
Indeed, oil closed at the highest levels of the year today after a slight pullback yesterday and WTI has advanced in nine of the past eleven days. “Technically speaking, oil is a dream – It’s broken out above $100 and there is a rough inverted head & shoulders pattern. It all points to a retest of the 2012 highs.” Button adds. Presently speaking, WTI crude oil is trading at USD $104.02/bbl.
According to Adam Button at ForexLive, “The best bull markets are usually the ones that very few people are talking about. One such rally is presently occurring in oil prices, which has usually risen 12% since June 24.”
Indeed, oil closed at the highest levels of the year today after a slight pullback yesterday and WTI has advanced in nine of the past eleven days. “Technically speaking, oil is a dream – It’s broken out above $100 and there is a rough inverted head & shoulders pattern. It all points to a retest of the 2012 highs.” Button adds. Presently speaking, WTI crude oil is trading at USD $104.02/bbl.