Tuesday, December 10, 2013

Oil Rebounds From Recent Lows

After falling to the 91.77 level, oil has rebounded a bit, hitting resistance at the 98 price level.  This level has proven significant for oil for the last year.  It was the prime point of resistance for oil's attempted rally during the first half of 2013.  It is also an important Fibonacci level, adding further strength to its technical position.