Oil setup analysis - Daily Consolidation Phase
Updated
Hi there. Here are my thoughts for oil movements :
Crude Oil is on an overall bull run. The average daily volume traded is still constant, counting around 150K contracts and creating a consolidation phase. In fact, the daily chart displays several sideway movements with the following key levels :
- A support @ 55.000 per barrel.
- A resistance @ 57.500 per barrel.
A Medium term (Up to 6months) investment advice would be waiting for a strong breakout in any direction. The next move closely depends on the direction of the break:
- A support breakout would dip the oil prices to 51.500 - 50.500.
- A resistance breakout would drive the oil prices to 60.000 - 61.000.
The monthly, weekly and daily charts are aligned with a strong bullish sentiment. Therefore, We are more likely to experience an upward move.
Feel free to comment or give ideas.
Succesful trading!
Crude Oil is on an overall bull run. The average daily volume traded is still constant, counting around 150K contracts and creating a consolidation phase. In fact, the daily chart displays several sideway movements with the following key levels :
- A support @ 55.000 per barrel.
- A resistance @ 57.500 per barrel.
A Medium term (Up to 6months) investment advice would be waiting for a strong breakout in any direction. The next move closely depends on the direction of the break:
- A support breakout would dip the oil prices to 51.500 - 50.500.
- A resistance breakout would drive the oil prices to 60.000 - 61.000.
The monthly, weekly and daily charts are aligned with a strong bullish sentiment. Therefore, We are more likely to experience an upward move.
Feel free to comment or give ideas.
Succesful trading!
Trade active
The resistance breakout @57.500 occurred and the oil is finding its way to 60.000 - 61.000 levels. Volume is constant with a strong upward momentum.
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