60 Minute Intra-day
5 Minute Intra-day
The top chart above shows clearly how 7400 provided consistent support from late Fri through to early trading today. Even after the EIA data was released, that support level held firm, giving market momentum to bounce to 7500 resistence. However, at that point there was little motivation for the buy side to push price higher: the EIA products data were bearish; equities were weak; and the USD was strong. When price reached 7400 support for a second time today it lingered only 10 minutes before trading off strongly. Although price did retrace 2/3 of the breakout lower, expect 7400 to now represent new resistence.
5 Minute Intra-day