US OIL (WTI/USD) – Week 11 – Support zone targeted.
Updated
Nothing much has changed in regards to our previous analysis for Oil. The price dropped at the start of last week, before gaining some bullish strength.
For this week we expect the price to test the support zone highlighted on our chart, before gaining more bullish momentum. Medium-term, due to the fact that we are in a very bullish trend that started in April 2021, we anticipate that a bigger degree correction will soon take place.
From a technical perspective, the price reached a strong weekly resistance area and we anticipate it to hang around this area for a while, entering a corrective phase that can drive the value of this commodity towards the $62 area.
We recommend focusing on other instruments for now, as the bullish momentum is still strong and the price may continue to rise.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
For this week we expect the price to test the support zone highlighted on our chart, before gaining more bullish momentum. Medium-term, due to the fact that we are in a very bullish trend that started in April 2021, we anticipate that a bigger degree correction will soon take place.
From a technical perspective, the price reached a strong weekly resistance area and we anticipate it to hang around this area for a while, entering a corrective phase that can drive the value of this commodity towards the $62 area.
We recommend focusing on other instruments for now, as the bullish momentum is still strong and the price may continue to rise.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Trade closed manually
If you are in the sell, we recommend booking partial profits.
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