FYI: In light of the global economic uncertainty that arose out of the Brexit vote last week, the fact that crude oil currently trades within 5% of its recent highs is pretty impressive. Add to that the fact that crude has remained firm despite the strength in the dollar, and it only reinforces the resilience that the commodity has shown. That being said, the chart does show a bit of a downtrend in the very short run, so either crude will hold its 50-DMA and make a higher high or the 50-DMA will fold under pressure. Whatever the resolution, we should find out in the coming days.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/crude-oil-remains-firm/
