Reason is the terrorist attack today (14-09-19) of houthi terrorists on oil installations in Saudi Arabia. 10 drones were used in the attack. Rumours say that 50% of the oil production has been stopped in Saudi arabia, which is 5% of the world oil production. Donald Trump will very likely give a strong condemnation of this attack.
Which is your exact reason you expect it to toch resistance 2?
YounesGhaleb
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@TomvanHek, Personally, the bullish trend is super strong due to fundamentals. Keeping in mind the impact caused today by terrorists which is that 50% of the oil production has been stopped. 2nd resistance will be touched because when Iran attacked an oil tanker on the strait of Hormuz months ago, OIL went up from approx. $54 to $62 in 2 weeks. If we compare both attacks, this attack is on a larger scale and will have a larger impact to restore production of oil. To summarize a rule that i use is to look at the fundamentals and take a look at the scale of the news, then i'll look for resistance points. In this case 1st resistance is too easy to breach, the second is realisticly attainable.