OIL Buy Opportunity, As Dollar Puts Pressure on OIL
Price has once again fall to key support, where price is currently testing this level. Despite the US dollar shooting higher, oil has remained very resistant to a bearish breakout.
Scenario One (Bearish Breakout): Price breaks major support of the bullish channel
Scenario Two (Bullish Bounce): Price bounce from major support, moving to the upside.
Comment: Despite USD pushing much higher, the resistance of the oil to break this major support level indicates the buyers are still bullish. At least for the time being, as the sellers
could bring a lot of volatility in the coming days a head, as USD sets new yearly highs.
Scenario One (Bearish Breakout): Price breaks major support of the bullish channel
Scenario Two (Bullish Bounce): Price bounce from major support, moving to the upside.
Comment: Despite USD pushing much higher, the resistance of the oil to break this major support level indicates the buyers are still bullish. At least for the time being, as the sellers
could bring a lot of volatility in the coming days a head, as USD sets new yearly highs.