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As we can see in this 3h timeframe chart, oil price is still rising in a continuous way from december: couple of weeks uptrend, couple of weeks lateralization with supports and resistances retestings.
A few days ago we received a good short signal from MACD indicators.
Price is likely to return towards the $56 level to than move sideways within a horizontal channel.
A drop below $56, or even $53,5 could confirm a reverse downtrend, otherwise we can expect new highs following the main positive trendline.
Good trading!
As we can see in this 3h timeframe chart, oil price is still rising in a continuous way from december: couple of weeks uptrend, couple of weeks lateralization with supports and resistances retestings.
A few days ago we received a good short signal from MACD indicators.
Price is likely to return towards the $56 level to than move sideways within a horizontal channel.
A drop below $56, or even $53,5 could confirm a reverse downtrend, otherwise we can expect new highs following the main positive trendline.
Good trading!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.