ooking at Fundamentals Crude Oil prices have been driven down alongside the Canadian dollar due to slacking recovery in Demand and Lower refinery runs. The Canadian Dollar being a commodity currency and positively correlated to oil, is not taking the drop lightly
Technically, we are looking at a few tools that support our buy bias;
1) After the last Swing, there was a full retracement to the 61.8% Fibonacci level indicating a continuation of the original swing.
2) The Cup and handle which is a bullish chart pattern is clearly visible with a preceding Double bottom still confirming the bullish move.
3) Finally from the Support and resistance perspective , our major resistance zone 1.56000 has been broken further indicating the bullish move.
With all these set ups put in place, we are entering a bullish trade up to 1.5800 level
Technically, we are looking at a few tools that support our buy bias;
1) After the last Swing, there was a full retracement to the 61.8% Fibonacci level indicating a continuation of the original swing.
2) The Cup and handle which is a bullish chart pattern is clearly visible with a preceding Double bottom still confirming the bullish move.
3) Finally from the Support and resistance perspective , our major resistance zone 1.56000 has been broken further indicating the bullish move.
With all these set ups put in place, we are entering a bullish trade up to 1.5800 level
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.