OIL breaking out of 58 price level
Updated
See chart for explanation
Note
58.76 appears to be a strong resistance level. Notice how small the candles appear to be with tail behind? It signals buyers are trying to push up prices but fire power on top is too strong. Watch closely.
Note
A very sharp and aggressive red candle closed below the green trend line! That means the sellers are pushing the price down more than the buyers can push up.Note
took a small position as the price is above the red bearish trend line. It is possible for Oil to falls further to 53 price zone before we see a rebound. Please adjust your mindset , SL and capital management properly before considering taking this trade.Note
Praising Lord again! The small position we took yield a great profit. It will soon face the hurdle at 58.76 once more and we expect it to break above this time. Get ready for the next buy.Note
Price has now hit above the resistance level at 58.76 and we can add on another buy position.Note
Praise Lord. This chart is crucial as it shows us how Oil has break above the resistance at 63.32 and stay above it. Next target 67. Congrats to those who followed
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