CRUDE OIL TECHNICAL ANALYSIS, BULLISH VIEW.
Since the beginning of January there has been a strong bullish momentum, reaching almost a price of 54.00.
Looking at the 1h Chart we can see how a double top has formed and buyers failed to break above previous high. Market is currently in a correction phase, a good buy opportunity can be at the retest of support level: 51.50 otherwise if the price manages to get below support i would wait and see if the 4h/1D bullish trend line gets respected and look for the formation of new higher highs and higher lows to enter for a buy.
Safe sells are set only if the strong bullish trend line breaks.
Looking at the 1h Chart we can see how a double top has formed and buyers failed to break above previous high. Market is currently in a correction phase, a good buy opportunity can be at the retest of support level: 51.50 otherwise if the price manages to get below support i would wait and see if the 4h/1D bullish trend line gets respected and look for the formation of new higher highs and higher lows to enter for a buy.
Safe sells are set only if the strong bullish trend line breaks.
Yorum:
Trade running clearly, price seems to revisit previous high and in my opinion it might break resistance and reach 54.00.