Resistance for Oil
Aktualisiert
It is facing some resistance now at 31.27 level. Notice it has rebounded quite strongly after
it hit a double bottom support at 16. This level , I believe not many retail traders would dare to go in with the exceptionally negative news circling in the media.
Next buying opportunity happens at 20 when it breaks out from the bullish trend line (dotted line).
It then goes into a sideway move for about 10 days from 5 May to 15 May before it breaks out at 27, a 3rd buying opportunity. Now, it is touching the main bullish trend line.
If the buying trend remains strong and active, then it is likely to push out of the resistance level and proceeds to close the gap between 36 to 41.
Trade cautiously as three buying opportunities have passed, there could be some correction ahead before it goes up higher.
it hit a double bottom support at 16. This level , I believe not many retail traders would dare to go in with the exceptionally negative news circling in the media.
Next buying opportunity happens at 20 when it breaks out from the bullish trend line (dotted line).
It then goes into a sideway move for about 10 days from 5 May to 15 May before it breaks out at 27, a 3rd buying opportunity. Now, it is touching the main bullish trend line.
If the buying trend remains strong and active, then it is likely to push out of the resistance level and proceeds to close the gap between 36 to 41.
Trade cautiously as three buying opportunities have passed, there could be some correction ahead before it goes up higher.
Anmerkung
nice breakout, going higher per the green arrow.Anmerkung
resistance at 35Anmerkung
markets.businessinsider.com/commodities/news/china-oil-demand-almost-back-coronavirus-levels-2020-5-1029214304Praise Lord, once again we are happy the trend remains strong and intact.
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