Crude OIL longs have held, next stop back above $58.50!
Updated
Crude oil manages to come back to a key support level and rotates well. The $57.90-58.05 area held really well and the long extended wicks on the candles suggest a strong buy sentiment is protecting the upside.
The buyers are coming in on strong volume and we expect price to move back to the resistance level at $58.50 first and then through the $59.00 level.
The support we identified also comes into confluence with the volume profile edge support for the month of November.
Price needs to stay above $58.00 should the longs hold this level, below $57.85 this trade is losing steam, we have no seen a candle close under that level to end the week.
The buyers are coming in on strong volume and we expect price to move back to the resistance level at $58.50 first and then through the $59.00 level.
The support we identified also comes into confluence with the volume profile edge support for the month of November.
Price needs to stay above $58.00 should the longs hold this level, below $57.85 this trade is losing steam, we have no seen a candle close under that level to end the week.
Note
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