Oil prices have spiked more than 10%|Next rally can hit $75.24

2019년 9월 16일

On 13 Sep 19, Market closed on $54.87 but Oil prices have spiked after a destructive attack on the Saudi Arabian oil production on weekend shocked markets and produced shortage in global supply of crude for some time.
Now we can see the price spiked more than 10% in a day after market opens and hits the 50SMA even the 100SMA on week chart.
At this point we also have the price resistance level and the pennant's resistance at $60.63 which is not broken since May 2019, if this resistance level would be broken then the price action will take no time to reach the 2nd resistance at $75.24 where we also have tail of the pennant and in case of breaking out $75.24 resistance level the price action can hit the strong resistance at $107.45.
If we see the technical indicators then can be clearly observed that the all of a sudden the chop zone is turned strong bullish and even MACD has given strong bullish signals including bull cross.
For me after breakout the 1st resistance and if all indicators would be remained bullish even after price correction would be ideal for buying.
Market fundamentals + technical analysis are very strong in favor of bullish move.

Next target should be : $75.24.

Regards,
Atif Akbar (moon333)