Today's USOIL breakout through resistance level 49.2 shows its about to go higher more.
Caution advised at 50.4 since it's a fib 0,618 and diagonal resistance level of the bearish channel. Oil might reverse here. Divergence on RSI (4/8 h) is supporting this option.
Although it might still go higher on usual low end of Summer/early Autumn Crude Oil Inventories and OPEC-cuts news.
Caution advised at 50.4 since it's a fib 0,618 and diagonal resistance level of the bearish channel. Oil might reverse here. Divergence on RSI (4/8 h) is supporting this option.
Although it might still go higher on usual low end of Summer/early Autumn Crude Oil Inventories and OPEC-cuts news.
Trade closed: target reached:
channel resistance level reached.
today's oil inventories will either retest the channel or move lower.
if lower - target 46.6
46.6 is a key level. if broken then bullish correction of recent weeks is over and next target is around 39.
today's oil inventories will either retest the channel or move lower.
if lower - target 46.6
46.6 is a key level. if broken then bullish correction of recent weeks is over and next target is around 39.