Oil is currently trying to settle above the $51 level. RSI is close to the overbought territory but there is still plenty of room to gain momentum. If oil settles above $51, it will head towards the next resistance at $51.50. A move above this level will push oil towards the $52 level. On the support side, the nearest support level for oil is located at $50.50....
Oil gained strong momentum and continues its attempts to settle above the $50 level. RSI remains in the moderate territory so there is plenty of room to gain momentum. The next resistance level for oil, which is located at $50.50, has already been tested during the current trading session and proved its strength. In case oil manages to settle above this level, it...
Oil gained strong upside momentum and is trying to settle above the psychologically important $50 level. RSI remains in the moderate territory so there is plenty of room to gain additional momentum. If oil gets above the $50 level, it will head towards the next resistance at $50.50. A move above this level will push oil towards the resistance at $50.90. On the...
Looking for this.. Hard to tell now but weekly is extremely overbought
Oil has a very volatile trading session today. It has already tested the resistance at $49.40 and the support at $47.30. Most likely, it will easily ignore levels inside this range while traders wait for news from OPEC+ meeting. Earlier, oil almost managed to get to the test of the $50 level but faced strong resistance as some traders decided to take their...
Oil continues to consolidate near the $48 level. Big moves are not expected in the last trading session of the year, so oil will likely finish this year somewhere in the current trading range between the support at $47.70 and the resistance at $48.65. The current consolidation looks like a healthy base for the continuation of oil’s upside move in 2021 but oil...
Oil is trying to settle above the resistance at $48.65 after the release of a bullish inventory report. It remains to be seen whether there is enough interest in the market at the end of the year, but there is plenty of room to gain momentum after the recent consolidation. If oil gets above $48.65, it will head towards the next resistance at December highs at...
Oil continues to trade near the $48 level, and it should be noted that volatility decreased in recent days. The support at $47.70 has been once again tested during the current trading session and proved its strength. At this point, it looks that a move below this support level may present a near-term problem for the bulls. On the upside, oil needs to settle...
Oil is currently trying to stay above the $48 level. It should be noted that oil has already made several attempts to get back to the previous upside channel but failed to develop sufficient upside momentum. Perhaps, the previous trajectory is too aggressive, and oil will need additional upside catalysts to get to the $50 level. The nearest resistance level for...
Oil made an attempt to settle above the resistance at $48.65 but failed to gain sufficient upside momentum and pulled back closer to $47.70. If oil manages to settle below $47.70, it will head towards the next support level at $47.30. It should be noted that oil’s volatility will be limited ahead of holidays so traders should not expect big moves. On the upside,...
Oil is trying to settle below the support at $47.30. If this attempt is successful, oil will head towards the next support at the 20 EMA at $46.20. Recent trading sessions have indicated that there are no important levels between $46.20 and $47.30 so this move may be fast. On the upside, oil has once again faced resistance near $48.00. If oil manages to settle...
Oil is under serious pressure today amid fears about the new coronavirus strain in UK. In addition, oil was a bit overbought last week so the coronavirus-related panic was amplified by some profit taking. Oil managed to find support at $46.30 and rebounded back above the $47 level. Currently, oil is trying to stay above the low end of the current upside channel....
Trade recap for ADX-BRIEFING Sunday, December 20, 2020 Trade closed at 7:20 pm NY time More details in the video. François Normandeau Institutional Research Director at ADX-BRIEFING TVC:USOIL TVC:UKOIL
possible target for oil until end of year and 2021 start could be 65$ barril it could be super good exit.
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