Oil reached daily resistance zone
After last week's False Break below the 200 days MA line, Oil continues its rally and reached an interesting Resistance Zone that will be tested this week (probably tomorrow with Inventories data).
The Resistance Zone includes the Fast SMA line (yellow), structure zone (43$) and two two trend lines of a falling wedge pattern that was broken to the downside (now should act as resistance).
Potential pullback towards 41$ is the bearish trading scenario.
A breakout above 44$ will probably send Oil higher to re-test the 45$ resistance zone
b]
Tomer Jakov, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/AyLaIv
To subscribe to the newsletters - goo.gl/JfOLoR
The Resistance Zone includes the Fast SMA line (yellow), structure zone (43$) and two two trend lines of a falling wedge pattern that was broken to the downside (now should act as resistance).
Potential pullback towards 41$ is the bearish trading scenario.
A breakout above 44$ will probably send Oil higher to re-test the 45$ resistance zone
b]
Tomer Jakov, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week- goo.gl/AyLaIv
To subscribe to the newsletters - goo.gl/JfOLoR
