Cooperation between Saudi Arabia and Russia along with decreased sentiment in a September US interest rate hike has propped up bullish sentiment in oil. I believe that this will continue into the Sept 20-21 FOMC meeting and that prices will be, for the most part, will get priced in for a 'no' interest rate hike decision.
Prices have now found support twice at the early August triple top level and are currently sitting on top of a 44.5-45 support structure. Should that structure hold; I expect prices to break through the lower supply line that was tested today and to retest the upper supply line. Prices are currently in a 43.73-45.92 zone and if the 45.92weekly inflection level is broken again, I believe will test 'near' the next higher 48.52 weekly inflection; however, my upper target stops shy of that at 48.11.
This trade is active and I believe prices are currently at a good buy level. Please enter at your own risk tolerance.
Trade: Active
Support:
S1 44.93
S2 44.51
Targets:
T1 45.92
T2 47.35
T3 48.11
Good trading to all!
Prices have now found support twice at the early August triple top level and are currently sitting on top of a 44.5-45 support structure. Should that structure hold; I expect prices to break through the lower supply line that was tested today and to retest the upper supply line. Prices are currently in a 43.73-45.92 zone and if the 45.92weekly inflection level is broken again, I believe will test 'near' the next higher 48.52 weekly inflection; however, my upper target stops shy of that at 48.11.
This trade is active and I believe prices are currently at a good buy level. Please enter at your own risk tolerance.
Trade: Active
Support:
S1 44.93
S2 44.51
Targets:
T1 45.92
T2 47.35
T3 48.11
Good trading to all!
Trade closed: stop reached
Trade active:
RE-opening this trade on very bullish API data; I believe prices are currently at a good buy level and will look to 45.62-45.92 for support.
