Oil prices have been crazy the last couple of months. But now It can be seen that the market is in the recovery mode. Today, oil is up with 2.30%+ which could be seen as bulls are regaining back the control. If the daily candle closes above 53.26 could lead to more gains and reaching 55.24$. From a technical point of view, oil needs to close above this mark (53.26) today in order to (at least) indicate an upper move, if this happens we will have a strong movement to the next resistance. Otherwise, we will be testing the previous support at fib 0.236.
Trade Safely! The Forex Farmers.
Commento
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As per our last night analysis, Oil pushing higher to the next resistance. We opened a buy position on the close of the daily candle, with TP: 55.24 and SL: 52.00
Trade safely! The Forex Farmers.
Trade attivo
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We moved our SL to our entry point, to breakeven.
Commento
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We forgot to update that our TP was hit on that trade as we anticipated.