I still think it can hit that 55/54 before trying to buck a reversal. Obviously we need some trade catalyst for oil to break out on a true bullish run in my opinion.
right now it is facing resistance from the second trend line of the weekly zrrsys fan
it has been in consolidation for a while
Yeah it’s definitely in a range throughout the year. Some positive catalyst or a finalized trade deal could definitely see oil go 60 and further. Markets are constantly being whipsaw and even the volatility is pretty low just throughout the markets.
it could go bearish
the yearly fan says it is in an area of uncertainty
I do not like trading crude oil it is just unpredictable
As far as oil I’ve closed my position long ago. It’s definitely in the wait and see area. I’m running up a long with USD/MXN and USD/CAD which are both heading correct and had a short on CAD/JPY been waiting for it to start producing moves.
Edit 8:17pm / All trades ended successfully in profit. Beautiful !!!
maybe fundamentals are at work here
if price go bearish
Iran will keep the 50% increase on the price of gasoline price and
the protests in Iran will intensify creating more headache to the Iranian gov
I’ll take the other side I’m long. A strong bounce off of several levels of support (horizontal, trendline , MA) with good volume and momentum. Upside near term target $60 stop loss below 54
