26 May 2016

OIL TESTING THE MAJOR 50.00 LEVEL

US OIL DAILY

The oil price is currently trading just below the major psychological 50.00 level. It also coincides with the seven-month high and the upper boundary of a possible rising wedge formation.

My current bias is currently flat as we'll have to wait and see if the rate can manage to break and hold above the 50.00 level and continue higher to the potential rising channel suport around 55.00.

If we see a rejection a fall towards the wedge/channel support around 46.00 can be expected.




Take advantage of our SIGNAL SERVICE Sale only this week...


Paid yearly
Recurring payment 


0 comments :

Post a Comment