Oil long view
At the beginning of the Asian trading session, the oil price jumped from $79.60 to $82.10. Then we see a consolidation until the beginning of the European session and a new bullish impulse that climbs towards the $83.00 level. Since the market's opening last night, the price of oil has jumped by 4.15%. It is very important for us that we have seen break prices above the upper resistance line and the 50.0%-61.8% Fibonacci resistance zone. To continue the bullish option, we need to hold above and, with a new impulse, continue towards the next resistance zone. Potential higher targets are $84.00, $85.00 and $86.00, the previous week's high.
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