After a short pullback from a clear historical resistance at 49.00, oil has shown a weaker momentum in the days that followed. This raised the question with me wether or not this is a sign that oil is ready for a little pullback. I personally think it is. The first support level is around 46, but i think the price might push lower to around 44. This was the support level a few days ago and was a resistance level at the end of august. I place a tight stop-loss at around 49,5 since a breakout to the upside could mean a big uptrend to well in the 50's area.
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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.