OPEC has surprised the market. The deal shows that they really want higher oil prices...
The daily close is not important now. We don't need a daily maximum close. The important thing that price has broken the cycle down trendline ( blue) and with this move it confirmed the DCL.
With all this we are on day 8 in a new daily cycle. We have around 5-6 weeks to run.
The RSI bullish divergence worked quite well. RSI can get overbought and can stay at overbought levels for weeks. MACD crossover below the 0 level also a good sign that a rally is starting.
We also break above the green trendline. That was the first daily cycle's trendline. The testback of the green trendline was the last hope of the bears. As we break above both the blue and green trendlines at 46.29$ it will act as strong resistance now. I think we are going to attack 49$ and 51.69$ very soon.
The daily close is not important now. We don't need a daily maximum close. The important thing that price has broken the cycle down trendline ( blue) and with this move it confirmed the DCL.
With all this we are on day 8 in a new daily cycle. We have around 5-6 weeks to run.
The RSI bullish divergence worked quite well. RSI can get overbought and can stay at overbought levels for weeks. MACD crossover below the 0 level also a good sign that a rally is starting.
We also break above the green trendline. That was the first daily cycle's trendline. The testback of the green trendline was the last hope of the bears. As we break above both the blue and green trendlines at 46.29$ it will act as strong resistance now. I think we are going to attack 49$ and 51.69$ very soon.
Comment:
46.53 and 46.13 are the 2 levels to be watched.
Comment:
The 200 EMA (purple) will be very important during this daily cycle.
We are at the green trendline now. If we break below it the blue trendline must hold.