Oil Is On A SLIPPERY Slope!
$63.50 is an area i can see price pushing down to, we have had the classic break and retest of a key area already ($72) In August of this year price used this level as strong support pushing up $10 and $7 dollars respectively before breaking through! Again it made a $7 move once it broke below the $72 level before coming back up to retest this broken support as resistance yesterday.
We have already had a nice little push down today and over the next few weeks we will see this continue down to our $63.50 level. Why is this level significant? Because if you go onto the monthly chart you will see this level has been very well respected both as support and resistance historically.
$72 would obviously have been the perfect time to enter but unless you have a time machine you wont see this post till today, so now is still a good entry point as long as you are not over risking to allow for a little correction.
If you would like to join my free community just ask.
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.