OIL - buy on 4H - risk/reward 2,5 - TP 58.60 $
The oil prices were able to maintain the clear gains of last Friday for the time. Hopes of a trade agreement between the USA and China continued to support oil market prices. Market observers referred to a telephone conference last weekend in which there was talk of a "constructive discussion" at the trade talks. The trade conflict between the world's two largest economies had repeatedly pushed oil prices down in recent months.
Market price closed Friday near breakout area and failed to break the 58 $ which implements the current correction movement.
I expect many buyers coming into the market at 57,30 $ within next hours.
Indicator analysis
- Bollinger bands start to getting tighter which implements incoming strong volume movement
- RSI line is near up trend support line and need to hold this to make this setup valid
- Moving averages doesn´t give us any indication
Market price closed Friday near breakout area and failed to break the 58 $ which implements the current correction movement.
I expect many buyers coming into the market at 57,30 $ within next hours.
Indicator analysis
- Bollinger bands start to getting tighter which implements incoming strong volume movement
- RSI line is near up trend support line and need to hold this to make this setup valid
- Moving averages doesn´t give us any indication
Comment:
market reached analysed buy area - dont enter now - wait for consolidation - we will update this one
Order cancelled:
market broke the support level without consolidation
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
