Oil extends gains after a drop in US inventories 24-10-2019World oil prices rose as the US market opened on Thursday, extending gains for a third straight day, hitting a three-week high, after the US Energy Agency's weekly report showed a surprise drop in US commercial inventories for the first time in a month and a half.
Oilsignals
I've just sold OILI've just sold OIL right now.
Oil is ranging into some sort of a range into a downtrend. We are now at the higher part of this range and yesterday we got a nice pinbar on the daily chart.
The bottom of this range is 53 so it give us a decent reward/risk ratio.
On the 1H chart we are just below the pivot and we have a great divergence with the MACD.
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WTI Oil Long set up, starting bullish trend again.OANDA:WTICOUSD has now approached buying zone. The following trend indicator is based in a combination of two bollinger bands with both one and two deviations.
When the price enters the higher-end of the channel, it means the trend has started and its time to buy now. The current political tensions in the middle east should provide some support to the current trend.
Its also worth noting that the MACD indicator is indicating bullishness, since its values are above 0.00 and the price just recovered from some significant losses from the past week