Intraday 29th March session prediction
There has been no escape from the Suez Canal news. Recent reports suggests that the total economic impact is costing over $ 1 Billion US Dollars everyday. Speculations have been made on the press of its being "free" by Sunday and at the same time, other reports suggesting that it would take days if not weeks. Oil prices on Friday took a U-turn to a rally upward due to Suez Canal blockage. We have a clear double bottom formed on the last session with price closing after a bounce from DB neckline (61.33). It is certain, that majority will be holding long position(s) over the weekend, as price for oil has already increase for the shipping logistic industry.
As we have experienced from the last few weeks, there has been many false breakouts on our technical analysis. I am expecting the DB would follow suit and likely gap down on Monday open session with target $59.77 first and than continue the rally upward and meet its resistance at $62.59.
Often we have seen oil taking an opposite approach on news fundamentals, this is no different. Have a great session GL.
As we have experienced from the last few weeks, there has been many false breakouts on our technical analysis. I am expecting the DB would follow suit and likely gap down on Monday open session with target $59.77 first and than continue the rally upward and meet its resistance at $62.59.
Often we have seen oil taking an opposite approach on news fundamentals, this is no different. Have a great session GL.
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