Daily volatility is very high with price fluctuating more than $2 up and down so if you plan to open a position, make sure volume is low and stop is wide.
First level of support is 40.20 while first level of resistance is 42.20.
Chart: USOil D1
Wednesday, November 18, 2015
Is Oil Going To Hold?
For just a brief moment two days ago Oil touched its lowest low of $40. This was taken as the necessary level of support by traders and price reacted by going more than $2 higher to reach a high of 42.17. Currently, Oil is trading around the $41 level and is still unsure of a definite direction.
Daily volatility is very high with price fluctuating more than $2 up and down so if you plan to open a position, make sure volume is low and stop is wide.
First level of support is 40.20 while first level of resistance is 42.20.
Chart: USOil D1
Daily volatility is very high with price fluctuating more than $2 up and down so if you plan to open a position, make sure volume is low and stop is wide.
First level of support is 40.20 while first level of resistance is 42.20.
Chart: USOil D1
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It's still consolidating above the support.
ReplyDeleteUnited States EIA Crude Oil Stocks change came in at 0.25M below forecasts (1.6M) which add more pressure to the upside.
ReplyDeleteGood assessment!
ReplyDeleteThat’s the one million dollar question!
ReplyDeleteSo far, 40 level is still holding.
ReplyDeleteI agree with your analysis.
ReplyDeleteInteresting levels to be watchful of, thanks for the info.
ReplyDeleteWith all the markets that are available to you to trade in such as options, the stock exchange or futures, why would you want to trade Forex? The answer is simple. While there is risk with any financial market, trading in Forex can be the easiest of the markets to trade in. oil price
ReplyDelete