Crude Oil Bullish Outlook by Instaforex

Hi, María here. I am sharing the Crude Oil daily strategy, hope it will help you.

Did you know?

Crude oil along with currencies and gold are major indicators of almost all processes happening in the world economic system. The volatility of quotes follows the economic and political events. However, due to a specific character of oil deals for the oil exporters and consumers there is always a certain time lag, which makes the oil deals a much more delicate investment instrument. More about Instaforex HERE.

Crude Oil

 

 

The oil price is consolidating between the levels of 96.50 to 99.80, so it has not yet defined exactly if it continued its downtrend in the short term, or retake its upward trend long term.

 

The first portion can by bought now and strengthened later by an additional portion in the event that the price of oil breaks through the nearby resistance rate at 99.80 dollars or close above the weekly pivot line. Exists another possibility that oil prices continue their downward sequence, therefore a rebound by the level of monthly support around 95.30 would be an attractive opportunity to buy long term.

The price of oil is expected to easily rise above the resistance level of 108,00 dollars and perhaps go even higher than that.

Have a wonderful day!

María

FX_MEGAFOREX

Smart solutions for your professional trading.

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Tags: commodities, forex, fx-megaforex, instaforex

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