Oil setup analysis - Daily Consolidation Phase

2019년 3월 13일

Hi there. Here are my thoughts for oil movements :

Crude Oil is on an overall bull run. The average daily volume traded is still constant, counting around 150K contracts and creating a consolidation phase. In fact, the daily chart displays several sideway movements with the following key levels :

- A support @ 55.000 per barrel.
- A resistance @ 57.500 per barrel.

A Medium term (Up to 6months) investment advice would be waiting for a strong breakout in any direction. The next move closely depends on the direction of the break:
- A support breakout would dip the oil prices to 51.500 - 50.500.
- A resistance breakout would drive the oil prices to 60.000 - 61.000.

The monthly, weekly and daily charts are aligned with a strong bullish sentiment. Therefore, We are more likely to experience an upward move.


Feel free to comment or give ideas.
Succesful trading!

2019년 3월 19일

액티브 트레이드

The resistance breakout @57.500 occurred and the oil is finding its way to 60.000 - 61.000 levels. Volume is constant with a strong upward momentum.