Oil prices have been crazy the last couple of months. But now It can be seen that the market is in the recovery mode. Today, oil is up with 2.30%+ which could be seen as bulls are regaining back the control. If the daily candle closes above 53.26 could lead to more gains and reaching 55.24$. From a technical point of view, oil needs to close above this mark (53.26) today in order to (at least) indicate an upper move, if this happens we will have a strong movement to the next resistance. Otherwise, we will be testing the previous support at fib 0.236.
Trade Safely!
The Forex Farmers.
Trade Safely!
The Forex Farmers.
Note
As per our last night analysis, Oil pushing higher to the next resistance. We opened a buy position on the close of the daily candle, with TP: 55.24 and SL: 52.00Trade safely!
The Forex Farmers.
Trade active
We moved our SL to our entry point, to breakeven.Note
We forgot to update that our TP was hit on that trade as we anticipated.Trade safely!
The Forex Farmers.
Trade closed: target reached
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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.