I base my analysis on this Monthly chart, from what I can see Oil has come to an area of demand and I believe we could get a bounce here for a target of 25.50. 20 Handle seems to be holding at the moment and building a base for a push higher. I can see another level at 19.50 if 20 handle does not hold. I am keeping an eye at the moment.
Comment:
There is a gap between 36 to 42 Handle which needs to be filled, but I see that as a longer term target.
Trade active:
Oil started its move finally and just trading above 21 Handle. Based on US data coming on Thursday and Friday we might have 30 Handle as our second Target.
Trade active:
We have hit a little speed bump at 22.35 to 23 area but this should not stop the price to move higher.