Crude bullish continuation has been dampened buy a strong dollar caused buy global interest rates hovering at or around zero. As the dollar contracts, crude as multiple monthly highs within striking distance.
Monthly - in 2016 we dropped below the 2009 lows but then bounced and help above those levels. 44.60 feels like key level since 2017
Weekly: In trading ranggebetween 50.60 to 64.78. Near range 53.26 -60.60
Daily in a uptrend. Need to trade and sustain above 56.87 to continue uptrend. Uptrend violated if falls below 54.06?
30 min: Market in orange is what should...
Crude has been moving sideways for the better part of the day and now looks poised for a down swing.
The trade setup provides an excellent risk-reward ratio. Entry on break....still awaited.
All the best!
CrudeOil Analysis based on trend analysis.
After the fall from the level of 59, seems to have some bounce from the low level of 51. Now the trend is not bullish nor strong bearish based on the current level of holding.
On my analysis, may have good entry at the lower level of 54 with the SL of 52.50 and the target of 56 to 56.50 level. But if...