The price of crude oil is rebounding in trading today after bottoming near swing area support yesterday.
Looking at the daily chart above, that swing area comes in between $66.82 and $68.22 (see red numbered circles). Yesterday the low price reached $67.71 between those swing levels. Today the price currently up $2.80 or +3.99% at $72.29. The swing low from November came in at $72.37.
Getting above that level would give the dip buyers some comfort from a technical perspective and could lead to further upside probing.
This article was written by Greg Michalowski at www.forexlive.com. Source