OIL Calls
The market structure remains bullish as the Daily price broke the last swing high of $77.89 to make a new market top of $79.44.
Even though in the short term the price is retracing down to fill inefficiencies left by the last rally, we can expect a reversal of the trend at either $69 or $67 supply zones. In case of such reversal the price can with high probability retest the last swing high or the first supply zone which sits outside the current structure at $80.
On the other hand, if the price breaks below $66.80, it will signal the market is entering another bear run.
Even though in the short term the price is retracing down to fill inefficiencies left by the last rally, we can expect a reversal of the trend at either $69 or $67 supply zones. In case of such reversal the price can with high probability retest the last swing high or the first supply zone which sits outside the current structure at $80.
On the other hand, if the price breaks below $66.80, it will signal the market is entering another bear run.
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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.
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.