The thing about macroeconomics analysis is - it is tough to tell precisely if this news is causing the spike in oil price now.
Chart wise, you can see it has met with resistance at 58.64 5 times with the last breakout unsuccessful, retreating the price back below 58.64.
The next level of support is 58.08 , a great buy area before it goes higher. However, if this level of support breaks down, we could possibly see price heads south towards the 56 level.
Trade safely.
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Praise Lord, beautifully executed.
Congrats to those who still hold and you should be making a tidy profit. Now, that it closed above 58.64, we can expect it to hit the 60 mark next week or so.
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Praise Lord, it has once again hit the 59 price level. We are 1 dollar away from 60, the important psychological level.
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Praise the Lord coz we are abundantly blessed again and again. The price has surpassed the important 60 dollar mark and is now at 60.77. Expect it to go higher but do remember to take some profits off the table ,adjust your SL so that you can have a peaceful sleep in event of a correction.