Hello, traders.
It has been quite long (I think) not write some analysis here because of a busy business schedule I have. And this time I want to share my opinion about crude oil. As you know, crude oil has been moving up till know and I do not think that this upward movement will end in near future. However, I saw a rejection market of 77.2 that is strong resistance of oil. Market got tired now and seems will consolidate for a while. And my forecast this correction will go to 66.5. But, market moves dynamically, so it will take times to do this correction. But my suggestion is just be careful if you already have a buying position now.
That's all.
Happy trading
It has been quite long (I think) not write some analysis here because of a busy business schedule I have. And this time I want to share my opinion about crude oil. As you know, crude oil has been moving up till know and I do not think that this upward movement will end in near future. However, I saw a rejection market of 77.2 that is strong resistance of oil. Market got tired now and seems will consolidate for a while. And my forecast this correction will go to 66.5. But, market moves dynamically, so it will take times to do this correction. But my suggestion is just be careful if you already have a buying position now.
That's all.
Happy trading
Comment:
One thing I want to add this analysis is that, the buying momentum now still strong. So, it also has a chance that market can make a breakout above by counter attack from buyers. So, it is necessarily to see what next price behaviour next week. I do not suggest to short at this moment regarding the bullish momentum still strong in align with bullish trend. I just suggest to be careful now just in case market will consolidate or doing some correction moves. That's it.