Hi guys, if you look carefully at the ascending pattern for the last couple of weeks or so you will see some similarities (pump and dump).
The bulls stampede seems unstoppable but this week we will have some important oil data releases that will help us to position our next moves.
Once we cross and settled above 80, it seems that the next resistance is waiting bulls at 82.90. That would be one of the targets sought by them followed by 84. Above that it seems unlikely to me at the moment with current fundamentals and the global pressure to send oil prices down but it will all be determined by weather conditions in the USA and EU mainly.
My long term target remains unchanged at 69 followed by 61ish. In the meantime I keep trading both sides as the bull rally offers potential profits.
Cheers.
The bulls stampede seems unstoppable but this week we will have some important oil data releases that will help us to position our next moves.
Once we cross and settled above 80, it seems that the next resistance is waiting bulls at 82.90. That would be one of the targets sought by them followed by 84. Above that it seems unlikely to me at the moment with current fundamentals and the global pressure to send oil prices down but it will all be determined by weather conditions in the USA and EU mainly.
My long term target remains unchanged at 69 followed by 61ish. In the meantime I keep trading both sides as the bull rally offers potential profits.
Cheers.