As predicted in my earlier chart we just hit the resistance and immediately pulled back from 69.60 to low 69. That strong pulled back and the current volatility took me somehow by surprise.
I was expecting a bull run and a gap up but that was far beyond my imagination. Price run is due to Ida Storm mainly and the USD losing ground against most pairs.
Bulls will look to continue climbing to 70.70 area, matching with the resistance trendline of the ascending channel and above that, while bulls will try hit 65 once again in the coming days once the dust settles.
Wort to add some shorts and 70.70 and hedge above 71.35. (I rarely use Stop Loss with my trading system on cyclical instruments)
All the best.
EDITED: there is one thing that usually happens with oil when there is a GAP UP or DOWN, it gets filled pretty quickly, mostly during the same day. Depending on the landfall of the IDA hurricane in USA we will know more about it, its impact and how quickly oil prices may recover.
I was expecting a bull run and a gap up but that was far beyond my imagination. Price run is due to Ida Storm mainly and the USD losing ground against most pairs.
Bulls will look to continue climbing to 70.70 area, matching with the resistance trendline of the ascending channel and above that, while bulls will try hit 65 once again in the coming days once the dust settles.
Wort to add some shorts and 70.70 and hedge above 71.35. (I rarely use Stop Loss with my trading system on cyclical instruments)
All the best.
EDITED: there is one thing that usually happens with oil when there is a GAP UP or DOWN, it gets filled pretty quickly, mostly during the same day. Depending on the landfall of the IDA hurricane in USA we will know more about it, its impact and how quickly oil prices may recover.