Oil still is moving in the ascending channel.I think it will keep moving in the channel until a big Fundamental happens.Till then ,after the correction that started at the end of last week ends its a good opportunity to buy at the bottom when it bounces of the 200 EMA as it happened twice in the past (green arrow).
So I will look for a buy position at 57.76
SL 56.78 TP 61.8
R/R 4
Lets see what happens
So I will look for a buy position at 57.76
SL 56.78 TP 61.8
R/R 4
Lets see what happens
Comment:
So i think a good buy position now will be 58.2 level.Right now a triple Top is forming.If it breaks 60.5 61-61.2 is a good place to open a sell or wait for a correction to buy again.
Comment:
its nearing 61-61.5 range lets see if it will rebound from the top treadline