Oil Consolidation Break
Updated
Oil has been consolidating for a couple weeks, posting tight profiles for Jan and last week.
We are seeing some positive demand come in early this week.
With price getting rejected several times above value last week, a move back above and acceptance would b a bullish sign that a retest of the highs is in.
Whether we break from there and head higher towards 55, or get rejected we will have to see.
Watching how it plays out.
We are seeing some positive demand come in early this week.
With price getting rejected several times above value last week, a move back above and acceptance would b a bullish sign that a retest of the highs is in.
Whether we break from there and head higher towards 55, or get rejected we will have to see.
Watching how it plays out.
Note
This played out quick..Strong buying came in at the open..reaccumulation around 52.60 and one way. We are already trading above yesterdays range, but having made new highs, would b careful here. We have divergence on the dail, so securing some profits would b wise. Price action remains bullish above 53.40 though..and squeezing higher towards 55 (or even 57) is still in play.
Watch & see
Note
Oil has reached that downward TL on the Daily chart..on lower timeframe..starting to see some good selling volume coming in. Could keep squeezing higher, but would book profits here around 56 & wait and see wat comes next.
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