Oil analysis for the upcoming period
Oil has been kind of wiggling for the past 2 months.. July and August... moving towards the most important price "78.3-78.4" which is the APL, average price line since the start of the year and getting rejected from there.
In the picture shard u can see very clearly that price is getting rejected 1,2, and 3 times from there, and automatically moving towards the bottom of the channel which is around 71.4.
Now talking about 71.4, this is a quarterly liquidity area... wouldn't t be surprise to see prices rallying from there as we have just witnessed.
I will be expecting oil to reach 76 by today where it will struggle a little bit before continuing the upside move.
3 main levels that I will be watching during our move up would be 76.5, 77.6 and 78.4. We will need to break through those 3 levels for an upward continuation towards 79.6 (major resist) and 80.4.
Retracements to 74.6 and 73.9 are very possible from the current levels before pumping upwards.
Targets for this week would be 77.4 and 78.4 if this strong bullish momentum persists. any kind of rejections from the 3 mentioned levels up would incur a dip again in oil prices.
Trade Safe and Green!
In the picture shard u can see very clearly that price is getting rejected 1,2, and 3 times from there, and automatically moving towards the bottom of the channel which is around 71.4.
Now talking about 71.4, this is a quarterly liquidity area... wouldn't t be surprise to see prices rallying from there as we have just witnessed.
I will be expecting oil to reach 76 by today where it will struggle a little bit before continuing the upside move.
3 main levels that I will be watching during our move up would be 76.5, 77.6 and 78.4. We will need to break through those 3 levels for an upward continuation towards 79.6 (major resist) and 80.4.
Retracements to 74.6 and 73.9 are very possible from the current levels before pumping upwards.
Targets for this week would be 77.4 and 78.4 if this strong bullish momentum persists. any kind of rejections from the 3 mentioned levels up would incur a dip again in oil prices.
Trade Safe and Green!
Penafian
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