Oil is trading 2% higher in today's session. Although this is not a significant gain, it is still indicative that price has not yet given up. Bulls are trying to recover from the recent low of $26 and managed to push price with more than $3 and Oil is currently trading at $29.65.
Next target for Bulls appears to be the $31.50 level. Have in mind that recent moves in Oil happened quickly and unexpectedly due to high volatility causing Bulls and Bears to act and react without reason.
To the downside, Bears' first target is the $27 level.
Chart: USOil D1
Great analysis, thanks.
ReplyDeleteInteresting analysis, thank you.
ReplyDeleteThe story if oil market is about to be written this week as RU, SA, VE and QA agreed to freeze production at January levels. This pushed the US crude to a sharp rebound from 12-year low.
ReplyDeleteThank you for the analysis. Looks like a falling wedge so time to buy.
ReplyDeleteVery interesting! Thanks!
ReplyDelete