Monday, August 22, 2016

Bullish trend still in place on oil

WTI oil that trades in the US has been having a good bullish trend on the daily chart and even though it retraced yesterday to the downside, the bullish trend is still in place. Today´s candle is showing what it appears to be a “spinning top”, which is an indecision candlestick pattern. The commodity may try to go back up and if it breaks above the 48.00 level, then it may try to reach the 50.00 level. To the downside, the 46.00 level may act as support but the 44.00 zone continues being its most important support on the daily chart. The current pullback may just be on profit taking, therefore the price of WTI oil may go back up.


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