Whilst the long term trend remains very much in favor of the buyers, traders should be looking to buy strength as prices have a successful move through the AVWAP from the most recent high.
Right now, prices seem to be building up for another leg higher but our jobs is not to speculate but rather react as the market gives us good probability signals. Clearing 53.80 would put the buyers back in control and likely see prices retest the 57 - 58 area. Breaching through this would likely see a move towards the mid 65 - 67 range.
Right now, prices seem to be building up for another leg higher but our jobs is not to speculate but rather react as the market gives us good probability signals. Clearing 53.80 would put the buyers back in control and likely see prices retest the 57 - 58 area. Breaching through this would likely see a move towards the mid 65 - 67 range.