Commodities: Crude Oil WTI finishes higher for 3rd day in a row, resistance at 95.00 in focus

FXstreet.com (Barcelona) - Crude Oil WTI finished higher for a 3rd straight day, as buyers stepped in near the 93.40 level to take advantage of early weakness. It was an impressive day for Crude, with the majority of the metals/energy complex finishing sharply lower on the day. “The commodity is approaching the key $95 figure where it certainly could encounter sellers as the intra-day price action charts are showing this bullish move is still corrective (but is building upside momentum). Clearing out 95.50 would set up a test of 96.30 and 97.50,” notes Chris Capre, founder at 2nd Skies Forex.

US Equities once again made a new all time high with the S&P 500 closing up 20 points at 1568. Much of the strength was attributed the release of the most recent FOMC minutes in which the policy board generally saw the economic benefits of the QE program outweighing the costs and risks.

From a longer term technical perspective, the weekly chart formed a bearish engulfing candle last week which also adds to the case for excess supply overhead. A close above 97.50 would be needed to negate the candle and open the doors for a rise to 99.00 (the 200 day moving average on weekly chart)