Eightcap

Could we see Oil retest 122?

Long
EIGHTCAP:USOUSD   Spot WTI Crude Oil
Thanks for stopping by. We hope the community is having a lovely Friday. Today our focus is on USOUSD ( Oil ) as price finished yesterday’s session with a commanding reversal bar. After trading over 2% lower, buyers not only took hold but ended the session with a solid 3.83% gain.

Yesterday’s session appears to show that buyers are still very active, and for now, price is not comfortable trading below 114.77. The move maintains the current trend, but we want to see further confirmation to suggest that the trend is set to continue.

If buyers can reverse today’s selling and beat 119.50 minor resistance, which also holds yesterday’s high, we will then be looking for the current trend to continue with a possible new test of 122 or above.

A failure to break yesterday’s high and minor resistance in today’s session could be seen as a small warning to buyer strength.

Good trading

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