Previous week was kind off Bullish for oil... prices revisited 76.4 lows and pumped from there reaching 79's.
Monday started well with a pump in prices till 79.9 followed by a dump till 78.7 levels... which could be and should be considered as a liquidity grab as per the chart.
The dump was followed by a beautiful pump (SL's triggered) till 80-.12 levels followed by a dump to 79 78.8 levels.
If you check the daily chart you can see a doji. this should be gdd news for bulls.
Yesterdays session closed at 79.17. Asia took the price down till 78.8-78.7 levels which is a great level of support for Oil.
Oil could dump some 20c and pump from there... we are talking about 78.6-78.5 which is a great support too. Expect prices to surge for the rest of the week.... reach yesterdays dojji and surge till 80.80 levels.
This scenario would only be true if prices respext 78.5 levels... if not we can expect the same scenario but from 78 levels.
Monday started well with a pump in prices till 79.9 followed by a dump till 78.7 levels... which could be and should be considered as a liquidity grab as per the chart.
The dump was followed by a beautiful pump (SL's triggered) till 80-.12 levels followed by a dump to 79 78.8 levels.
If you check the daily chart you can see a doji. this should be gdd news for bulls.
Yesterdays session closed at 79.17. Asia took the price down till 78.8-78.7 levels which is a great level of support for Oil.
Oil could dump some 20c and pump from there... we are talking about 78.6-78.5 which is a great support too. Expect prices to surge for the rest of the week.... reach yesterdays dojji and surge till 80.80 levels.
This scenario would only be true if prices respext 78.5 levels... if not we can expect the same scenario but from 78 levels.