Hello traders, i hope you are having an excellent trading week let's see the technicals of oil. First of all i want to reminde you an article i have written a long time ago which was saying that sooner or later the bullish fundamentals of Oil would take control and that exactly what happened after all(I have attached this article below.) So after a short correction rally to the upside let's see what the technicals have to say.
TECHNICALS OBSERVATIONS 1.We can notice the long-term blue descending channel and the short-term red ascending channel. 2.RSI looks bullish as we are above 50 at 60 level which implies that we have space for some upward momentum. 3.The 200EMA is flat and the price is above the EMA which favors the longs trade. 4.We have also the Ichimoku cloud,trend line and 200EMA as a support with bullish signs. 5.We can see also the support and resistance areas with the black dotted lines.Next resitance level is 52-52,30 where the price is now and after this is 54-55 level.Next support to the downside is 49-49,20 level.
THANK YOU FOR SUPPORT! HAPPY TRADING! KEEP FOLLOWING FOR MORE PROFITS!