Crude oil is seeing bullish momentum in price following the pullback we saw between
October & December 2021. Price pulled back to the weekly 50 simple moving average
where it found support and has seen a nice impulsive move up this month.
Since the low that was formed in April 2020, where the price of oil temporarily
reached $0, there has been an uptrend in play, forming higher highs and high lows.
Despite the pullback in December being the deepest during the recent trend, it still
managed to avoid breaching the previous low formed in August 2021. This is another
sign we are seeing a bullish trend in play.
We are now anticipating a breakout of the recent high at $85, and if this level is
broken, we could see price reach the $100 round number.
As for now, we need to let price dictate the next move.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
October & December 2021. Price pulled back to the weekly 50 simple moving average
where it found support and has seen a nice impulsive move up this month.
Since the low that was formed in April 2020, where the price of oil temporarily
reached $0, there has been an uptrend in play, forming higher highs and high lows.
Despite the pullback in December being the deepest during the recent trend, it still
managed to avoid breaching the previous low formed in August 2021. This is another
sign we are seeing a bullish trend in play.
We are now anticipating a breakout of the recent high at $85, and if this level is
broken, we could see price reach the $100 round number.
As for now, we need to let price dictate the next move.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
