Oil still is moving in the ascending channel.I think it will keep moving in the channel until a big Fundamental happens.Till then ,after the correction that started at the end of last week ends its a good opportunity to buy at the bottom when it bounces of the 200 EMA as it happened twice in the past (green arrow). So I will look for a buy position at 57.76 SL...
OIL SEEMS TO BE MOVING IN AN ASCENDING CHANNEL WITH THE OCCASIONAL BEARISH MOVES THAT SEEM TO BOUNCE OF THE 100 AND 200 EMA . RIGHT NOW AFTER A CORRECTION TO 57.8-57.5 I BELIEVE IT WILL SHOOT TO 60-60.5 AFTER THAT I EXPECT A GOOD PULLBACK TO CHECK THE BOTTOM TREADLINE. IF IT GOES MY WAY I WILL OPEN A SHORT AT THAT LEVEL WITH A TIGHT SL AND TP AT 58.2. LETS SEE HOW...
Fundamentally Oil remains bullish.Right now it sits in the strong support of 55.8.A morning star has formed in the 4hr chart.55.8 is just below 61.8 fibbo level. Even though it formed a double top i expect it to retract to at least 58.If it goes higher then a move to 60 will be close. Entry 55.9 SL 55.2 TP1 57.5 if it fails to break 58 TP2 60 if it breaks 58 R/R...