OIL - A Bull Dressed Up Like A Bear??
As of Dec. 26th USOIL has been on a reversal from its 2018 Q4 correction.
As OIL continued to rise we hit our next level resistance of $49.50-$50.00. Over the last 2 days we've had trouble breaking through the $51-52.00 range. According to my charting we are approaching the bottom of our 7 day channel. In the last 2 days we have been creating a rising wedge. Moving forward we could have an additional bullish breakout or a breakdown. We can see a breakout to $53.69 and up or a breakdown back to $51.55 and below possibly even to $48.53.
Friday Jan 11 will tell us a lot about where we go from here.
If OIL has a breakout and move up look for:
Price Tgt 1 - $53.69
Price Tgt 2 - $57.37
If OIL hits resistance and falls look for:
Price Tgt 1 - $51.55
Price Tgt 2 - $48.53
Natural Gas futures have fallen in February while Oil futures are up in February. This could create a positive momentum in OIL. I'm fairly confident in a Bullish move for the weeks coming up.
As OIL continued to rise we hit our next level resistance of $49.50-$50.00. Over the last 2 days we've had trouble breaking through the $51-52.00 range. According to my charting we are approaching the bottom of our 7 day channel. In the last 2 days we have been creating a rising wedge. Moving forward we could have an additional bullish breakout or a breakdown. We can see a breakout to $53.69 and up or a breakdown back to $51.55 and below possibly even to $48.53.
Friday Jan 11 will tell us a lot about where we go from here.
If OIL has a breakout and move up look for:
Price Tgt 1 - $53.69
Price Tgt 2 - $57.37
If OIL hits resistance and falls look for:
Price Tgt 1 - $51.55
Price Tgt 2 - $48.53
Natural Gas futures have fallen in February while Oil futures are up in February. This could create a positive momentum in OIL. I'm fairly confident in a Bullish move for the weeks coming up.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.