Retracement needed before resuming the expected trend
Oil has taken a turn to a more bullish trend in recent weeks due to OPEC's influence and also a time of year where the northern hemisphere uses more oil in demand compared to summer time.
Oil although demand > supply is helping oil prices, is due for a retracement and with a resistance block up ahead and the indicators gearing towards oversold (a.k.a. "oil you need to retrace a bit before you start getting excited!") we can expect price to resume lower towards the 48$ area which would be a great place for some buys.
Happy trading, trade with small size and lessen the stress of trading!
Oil although demand > supply is helping oil prices, is due for a retracement and with a resistance block up ahead and the indicators gearing towards oversold (a.k.a. "oil you need to retrace a bit before you start getting excited!") we can expect price to resume lower towards the 48$ area which would be a great place for some buys.
Happy trading, trade with small size and lessen the stress of trading!