On Sunday night we broke through the resistance level which has held the market for the whole of 2016 (red dotted line)
The rally was halted by a resistance level dating back to February 2015 (lower dotted blue line)
If we can now stay above the red dotted level (2016 resistance) and use it as support, we could move further up to the $60 mark
A very bullish open to the new week of the back of NOPEC news. There is still plenty more room for upside, as at the last OPEC meeting we did $5 in a day. So a potential upside target for oil is the support/resistance level from last year at around $56.67.
How we get there will be a matter of debate, some traders see a pullback, other traders think we'll carry on...
Crude Oil prices have bounced from the USD44.82 low of 29 November, with prices pushing above range highs at USD51.93 to reach USD52.42.
Mixed short-term studies suggest consolidation in the coming days, but improving momentum readings and the bullish Tension Indicator, (not shown), anticipate a later break, with subsequent focus turning to the USD53.25...
I'm looking to go short this morning, considering there may be more profit taking, and a risk off attitude before today's oil inventory data. Using the downward trend line as my stop, if we hold below, will look to target $50.
If we break above the downward resistance trend line (shown on chart), I'll reconsider for a long trade opportunity
I suggest that traders short the Norwegian Krone against the USD for the following reasons:
/dx has broken out of its ~2yr consolidation pattern amid Trump's fiscal stimulus promises and subsequent repricing of the Fed's hiking cycle in anticipation of higher US growth and inflation.
NOK remains highly vulnerable to /cl as >50% of Norway's exports are...
Using the Bill Williams system on this one, we still haven't got a signal so we are neutral here.
As you can see there is a highlighted area. This is the Support and resistance from the daily time frame.
It looks like we got a false breakout. of course price cam back into the neutral area.
What are we wait for?
Awesome Oscillator is near zero ( At the...