So it looks like oil is still in the chute for a price movement. Typically after an Inverse Head and Shoulders pattern, we see the price go up the same distance that can be measured between the head and the right shoulder. There is room for a follow through, but we are finding resistance in the 58.00/BBL area. As I've stated before, oil does need to reach 60/BBL for global "happiness" on oil prices. Presidents Trump's comments to OPEC last week, stating oil was still to high, caused oil to take a hard hit last week.
Monday, we saw about a 3% loss, regained some strength during the week, and then took another roughly 2% hit on Friday. For this week, oil can go either way.
If you are doing a Binary trade, I would suggest either going above/below Friday's closing price of 55.80/bbl. On Nadex, this would be your weekly contract. They currently set it to 55.75/bbl.
Happy Trading! Zak
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Now would be a good time to buy the OTM Binary options (weekly) if you are going short or long for the week.
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The OTM Binary Options, if purchased 2 hours ago, are now in the green. They are not ITM as of yet, but you can still sell for a nice profit.