The Oil market is in at a key pricing level whereby a ceiling has been put in place since Aug 2015.
The $54 level has been tested 4 times, and failed on each occasion with a notable retracement seen on each occasion.
If a break above this price ceiling is made, a buy order should be initiated with a target of $60.
Only sell if fundamental news comes out regarding the OPEC decision in Algiers i.e. a breakdown in agreements or flaring tensions between Saudi A. and Iran.
The $54 level has been tested 4 times, and failed on each occasion with a notable retracement seen on each occasion.
If a break above this price ceiling is made, a buy order should be initiated with a target of $60.
Only sell if fundamental news comes out regarding the OPEC decision in Algiers i.e. a breakdown in agreements or flaring tensions between Saudi A. and Iran.