ooking at Fundamentals Crude Oil prices have been driven down alongside the Canadian dollar due to slacking recovery in Demand and Lower refinery runs. The Canadian Dollar being a commodity currency and positively correlated to oil, is not taking the drop lightly
Technically, we are looking at a few tools that support our buy bias;
1) After the last Swing, there was a full retracement to the 61.8% Fibonacci level indicating a continuation of the original swing.
2) The Cup and handle which is a bullish chart pattern is clearly visible with a preceding Double bottom still confirming the bullish move.
3) Finally from the Support and resistance perspective , our major resistance zone 1.56000 has been broken further indicating the bullish move.
With all these set ups put in place, we are entering a bullish trade up to 1.5800 level
Technically, we are looking at a few tools that support our buy bias;
1) After the last Swing, there was a full retracement to the 61.8% Fibonacci level indicating a continuation of the original swing.
2) The Cup and handle which is a bullish chart pattern is clearly visible with a preceding Double bottom still confirming the bullish move.
3) Finally from the Support and resistance perspective , our major resistance zone 1.56000 has been broken further indicating the bullish move.
With all these set ups put in place, we are entering a bullish trade up to 1.5800 level
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.