Oil holds support well, a new high is coming up. Long CRUDE OIL

2019년 12월 10일

The uptrend has been prevalent in crude oil with a slight hiccup early in December, otherwise higher highs and higher lows have occurred. The most recent was a break above the strong resistance at $58.70 and held it as support.
The candlesticks are really important in this analysis because the wicks are really pronounced and extended which suggests the buyers are in control to a strong degree.
The break and retest of the level at $58.70 was a break of a previous high and retest that held which confirmed the bull trend. We ticked the first upside target on oil at $59.90 and now we expect the next target level which is first at $60.50 then at $62.00 based on the Fibs.
One sign of concern is the volume is not the strongest on this rally higher and there are choppier candles that have printed which does not convince us too much of a direct path higher.
If the $58.70 support is broken and price continues lower, that breaks the trend.

Disclaimer: This idea is for educational purposes only, this does not constitute as trading or investment advice. TRADEPRO Academy is not responsible for any market activity.