Crude Oil - Target Hit, could this mean higher price?
Last Wednesday, we saw price being pushed back near 50.50 structure support level then rebounded and hit our target at 54.40. This shows the market concurs with the previous market participants with the 50.50 price level and we would expect the level to hold up in the short term.
However, the market is still unclear in the long run, as price has not broken either Higher Low or Lower High. We would expect the market to consolidate at least for the upcoming weeks before we can see a clear direction.
To be more precise, we would expect price to move sideways between 50.50 and 58.00. We only continue trend trading when price break out of this zone.
Gordon @GoreStreetTrading
Previous Analysis:
However, the market is still unclear in the long run, as price has not broken either Higher Low or Lower High. We would expect the market to consolidate at least for the upcoming weeks before we can see a clear direction.
To be more precise, we would expect price to move sideways between 50.50 and 58.00. We only continue trend trading when price break out of this zone.
Gordon @GoreStreetTrading
Previous Analysis:
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