17 Oct 2016
Oil: Consolidating within the $49.15 to $51.60 range - BBH
Research Team at BBH, notes that the November light sweet crude oil futures contract spent the last week consolidating within the $49.15 to $51.60 range set at the start of the week.
Key Quotes
“Since the middle of last month, the contract has rallied nearly $10, and technically is stretched. The RSI is flat but elevated. The MACDs are about to turn lower, while the Slow Stochastics have already turned down. Initial support is seen at the lower end of last week's range, while a break would signal a move toward $48.75, and possibly $47.90.”