Update: Crude-oil Technical Signaled a bottom

Source: Market Scope                                                                Brent Crude Weekly chart

Market Sentiment:                                                                      Actionable Points

Long term – Bearish                                                                       Resistance: $58.69
Mid-term – Neutral                                                                        Support: $37.37
Short term - Bullish

On 31^st August, 2015 our technical outlook signaled a bottom in Brent Crude-oil price as we noted that downside price momentum is weak with a positive divergence between price action and oscillator indicator (RSI 14 day period). Looking at the bullish call at $45.27, the energy price had appreciated by 9.32% currently standing at $49.49. (http://adeshinacfte.blogspot.com.ng/2015/08/crud-oil-technical-signaled-bottom.html)

Conclusion:

We expect a continued rally in the price of the commodity towards intermediate resistance level $56.49 - $62.56 high. Trend reversal would be confirmed at the break above $62.56

Implication:

Buy signal on the commodity. Strong optimism in commodity currencies and Equities. Look for strong bullish trend in Canadian dollar, Austrian dollar, Crude –oil mining stocks