Black gold may continue to rise.
Hello everyone! The price of oil has been trading within a descending parallel channel for several days, with the bulls holding the support level at 78.50.
If the price breaks through the upper boundary of the channel, the bulls might attempt to push it towards the next resistance level at 84.00 for Brent.
Considering the impact of news on oil prices, I believe it’s wise to lock in profits at potential reversal zones.
Stop-loss should be placed at the local low.
On the daily timeframe, we can see that further growth is possible as part of the fifth wave of the impulse.
If the price breaks through the upper boundary of the channel, the bulls might attempt to push it towards the next resistance level at 84.00 for Brent.
Considering the impact of news on oil prices, I believe it’s wise to lock in profits at potential reversal zones.
Stop-loss should be placed at the local low.
On the daily timeframe, we can see that further growth is possible as part of the fifth wave of the impulse.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.