NYMEX Trader: Key Technical Levels to Watch in Crude for a Position
The move in commodities was unusual following the ECB rate decision as the action was relatively muted, but part of that could be that much of it was priced in.
Alan Harry of Harry Trust RE tells TheStreet's Jill Malandrino the move in commodities was a bit odd following the ECB rate decision as the action was relatively muted, but part of that could be the fact much of it was priced in. Harry believes crude is now in a range and key levels he is watching are $42.50-$54.00. If it breaks through those levels on either end of the range, that is when Harry would look to take on a position, especially on the upside. Harry expects range-bound action for another month or two, with a rally to about $60-$65 longer term as production is curtailed and levels stabilize.
