Production cuts are the talk of the day and the foreseeable future around the OPEC and OPEC+ meeting. We recently saw an extended move to the upside from the support structure. From here we moved into the previous strong resistance level at $58.70 and now we do anticipate more upside, should the mapped out support zones hold.
Oil could find itself down to $57.00-$57.10 where the impulse started the break to the resistance area that is also the 50% Fib retracement zone from the move. The first support level to watch however is $57.85 for the extended move up to the targetted area at $59.90 and $60.00
Disclaimer: This is for educational purposes only, this idea does not constitute investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
Oil could find itself down to $57.00-$57.10 where the impulse started the break to the resistance area that is also the 50% Fib retracement zone from the move. The first support level to watch however is $57.85 for the extended move up to the targetted area at $59.90 and $60.00
Disclaimer: This is for educational purposes only, this idea does not constitute investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
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Join a community of active traders, both swing and day traders. Education & Live trading.
Free Trading Strategy Webinar: bit.ly/2DVb7Zi
Free Trading Strategy Webinar: bit.ly/2DVb7Zi
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.