Which door do you open? Support or Resistance
Technical side
The price touched the resistance area identified by the EMA144 daily at 57.80 and was then rejected up to 54.80 dollars per barrel, where the dynamic support identified by the EMA20 daily is located. If this support zone is not violated during the day, it is probable that the price will move again to 58/60 $. If instead this support should yield to the downside, we will see the price back again near the Ichimoku cloud support on tf daily, at the price of 51 dollars per barrel.
The storage and the target
It will be important to understand the weekly level of oil stocks that will be published at 22.30. So far, both technically and fundamentally, the most probable hypothesis is a rebound on the EMA20 daily and then try to reach the psychological resistance area at 60 $.
The price touched the resistance area identified by the EMA144 daily at 57.80 and was then rejected up to 54.80 dollars per barrel, where the dynamic support identified by the EMA20 daily is located. If this support zone is not violated during the day, it is probable that the price will move again to 58/60 $. If instead this support should yield to the downside, we will see the price back again near the Ichimoku cloud support on tf daily, at the price of 51 dollars per barrel.
The storage and the target
It will be important to understand the weekly level of oil stocks that will be published at 22.30. So far, both technically and fundamentally, the most probable hypothesis is a rebound on the EMA20 daily and then try to reach the psychological resistance area at 60 $.
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