Price has recovered considerably since being rejected at resistance on January 3rd. The current trading channel remains valid, as well. I am looking for a retest of resistance on price in addition to the new resistance trend lines on RSI and ROC. Of note, the MACD is turning positive, too.
Is the weekly breakout on Oil futures going to continue? A strong iMTF resistance is setting up at 54.68; the halfway of the spike down from Tuesday 1-3-2017. It will be interesting to watch at this level.
A two year bottoming process seems to be coming to an end for crude. There was an attempted breakout on January 3rd, although, it was rejected. I am anticipating a retest of that price level.
According to the first views that offers a possible administration (USA Trump system on) more favorable with russia in the punctual, to stabilize the price of the oil, it is also very possibly that his prices in the future.
Sharing the chart for CL1!
Demand and supply are plotted from recent price action.
Gann Square is marked on 1x1.
Traders can use the chart to decide on target or stops or entries. Sharing the chart with no view. These are just imp. levels.
On background the rising trend we have breakout of strong fractal_based line/so probably will have continue of rising trend/ set pending buy order on breakout fractal_based line(and line of wedge). Don't forget about SL!
