Production cuts are the talk of the day and the foreseeable future around the OPEC and OPEC+ meeting. We recently saw an extended move to the upside from the support structure. From here we moved into the previous strong resistance level at $58.70 and now we do anticipate more upside, should the mapped out support zones hold.
Oil could find itself down to $57.00-$57.10 where the impulse started the break to the resistance area that is also the 50% Fib retracement zone from the move. The first support level to watch however is $57.85 for the extended move up to the targetted area at $59.90 and $60.00
Disclaimer: This is for educational purposes only, this idea does not constitute investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
Oil could find itself down to $57.00-$57.10 where the impulse started the break to the resistance area that is also the 50% Fib retracement zone from the move. The first support level to watch however is $57.85 for the extended move up to the targetted area at $59.90 and $60.00
Disclaimer: This is for educational purposes only, this idea does not constitute investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
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