This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
The rally in oil prices saw the commodity finally hitting the technical resistance level at 33.59.
This comes as the commodity rose over 5% intraday on Wednesday.
But with the Stochastics oscillator indicating a possible divergence, we could see a correction.
Of course, if oil prices rise convincingly above the 33.59 resistance level, this downside view will be invalidated.
To the downside, oil prices could test the lower price area near 27.95 if the correction gets underway and oil starts to drift lower.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.