The break of 89.05 minor support indicates that a temporary top is at least formed at 92.58 and intraday bias is mildly on the downside for deeper retreat
Thread: Oil
The break of 89.05 minor support indicates that a temporary top is at least formed at 92.58 and intraday bias is mildly on the downside for deeper retreat
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The trading range for this week is among the key support around 86.05 and the key resistance around 93.10.
The short term trend is expected towards the upside as long as trading is above 84.00 with targets at 99.00
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Pivot levels today:
R3: 98.00
R2: 97.36
R1: 96.61
PP: 95.97
S1: 95.22
S2: 94.58
S3: 93.83
Comment: Price now is below the daily pivot level, also is is below the 55 SMA, so more fall is expected.
Forecast: Price may fall to 93.83.
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As you see in my following chart, oil traded between a high of 96.75 and a low of 95.36, closed at 96.05. Today the commodity trades below the bearish trend line at the price of 97.60.
Downside Scenario: If the bearish trend line at the price of 97.60 holds, a decline to the levels of 95.00, then 94.00 could be seen.
Upside Scenario: Any break above the bearish trend line at the price of 97.60 could mean a rise to the levels of 98.60, then 99.40
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Crude Oil (Jun 13) intraday: the bias remains bullish.
Pivot: 94.85
Our preference: LONG positions above 94.85 with targets @ 97.2 & 98.
Alternative scenario: The downside breakout of 94.85 will open the way to 93.7 & 92.95.
Comment: a support base at 94.85 has formed and has allowed for a temporary stabilisation.
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The break of 89.05 minor support indicates that a temporary top is at least formed at 92.58 and intraday
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
today i like to buy oil 95.30 to 95.50 range
my stop loss of the day @ 94.88
my half take profit for today @ 95.77
and half @ 95.96
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Crude Oil trend remains bullish.Our pivot point stands at 94.85.-preference: Long positions above 94.85 with targets 97.2 and 98.Alternative scenario: The downside breakout of 94.85 will open the way to 93.7 and 92.95.Analysis: RSI mixed and calls for caution.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
Pivot levels today:
R3: 98.63
R2: 97.69
R1: 97.09
PP: 96.15
S1: 95.52
S2: 94.59
S3: 94.00
Comment: Price now is too close to the daily pivot level and the 55 SMA, so no clear signal now.
Forecast: By breaking 95.52 level, this may open the way to more fall to 94.00.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
Crude Oil (Jun 13) intraday: further advance.
Pivot: 94.85
Our preference: LONG positions above 94.85 with targets @ 97.2 & 98.
Alternative scenario: The downside breakout of 94.85 will open the way to 93.7 & 92.95.
Comment: the RSI is supported by a bullish trend line.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
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