Technical Analysis Crude Oil for 11/4/15
Crude oil prices moved higher on Tuesday, breaking out above trend line resistance created by connecting the highs in June to the highs in October and coming in at 47.60. The move comes ahead of the API inventory report where analysts are looking for a 3.0 millionbarrel build in crude stocks, which would be the sixth consecutive week of stock growth.
Support on crude oil prices is seen near the 10-day moving average at 45.49. Momentum has turned positive as the MACD (moving average convergence divergence) index generated a buy signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses above the 9-day moving average of the spread.