Previous Update - Stretching in a final wave before collapse
As per short term update in previous post- Taking stops below 47$ & looking for a bounce was the strategy which has paid well so far.
Next resistance comes at 55$ crossing that hurdle can boost slippery oil to push higher & test the resistance of 63-65$ - prior swing high & likely major hurdle to decide next set of moves in future.
It was the tripple bottom in the zone of 47-47.10$ zone where slippery oil took support & started pushing higher.
The recent push looks impulsive, which could be remarks from Oil Minister -Essam Almarzooq "Energy prices closed sharply higher as traders weighed remarks from Iran’s oil minister, who said the recent production-cut deal will probably be extended, and fighting in Libya is affecting its oil industry."
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw