Chart below.
Oil found resistance at the intersection of the Green and blue lines and reversed this week. the support was obviously the RED line and since the last 3 days its been going higher. It will again try to penetrate thegreen and majorly the blue line. I think it will this time as the dollar keeps going low. The pink line will serve as the next resistance at 49.4 . If it penetrates that , then i think this will have a free run targeting the orange line with targets 60 and above.
thanks.
Oil found resistance at the intersection of the Green and blue lines and reversed this week. the support was obviously the RED line and since the last 3 days its been going higher. It will again try to penetrate thegreen and majorly the blue line. I think it will this time as the dollar keeps going low. The pink line will serve as the next resistance at 49.4 . If it penetrates that , then i think this will have a free run targeting the orange line with targets 60 and above.
thanks.
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