DOUBLE BOTTOM IN OIL + EMA resistances
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OIL
Due to the weaker demand in the Global market Oil felled towards the 36.12 which is the September low and then its formed a triangle pattern and went bullish up to 41.43 and traded in a range from September 17 to October 01 and again felled towards 36.63 and formed a dissimilar double bottom
Currently the 200 EMA is acting as resistance for the bull and 50,100 EMA is acting as support for the bull. And my bias is towards the bullish side and the primary target would be around 43.00 which is a swing high area stop lose may placed below the 38.45 price action level
OIL is currently in a consolidation phase if the price well above the 39.50 psychological level we can buy the oil.
Disclaimer
Its a forecast of the next expected moves Not a financial advice
OIL
Due to the weaker demand in the Global market Oil felled towards the 36.12 which is the September low and then its formed a triangle pattern and went bullish up to 41.43 and traded in a range from September 17 to October 01 and again felled towards 36.63 and formed a dissimilar double bottom
Currently the 200 EMA is acting as resistance for the bull and 50,100 EMA is acting as support for the bull. And my bias is towards the bullish side and the primary target would be around 43.00 which is a swing high area stop lose may placed below the 38.45 price action level
OIL is currently in a consolidation phase if the price well above the 39.50 psychological level we can buy the oil.
Disclaimer
Its a forecast of the next expected moves Not a financial advice
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