Yellow rectangle- major resistance
Last week we talked about the bullish price behavior by Oil prices when the cloud support was tested. Price bounced off the cloud support and bulls managed to maintain price above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Price has reached a very important resistance area once again. Every time over the last few months that we saw the index around 4,400, a rejection and pull back followed. This price action increases the importance and validity of the resistance. A break above this level will open the way for a move towards 4,600.
