What Has Happened So Far:
Last week I posted a chart on the weekly time frame talking about the potential for the price to still increase in oil . The reason behind that was that the centre line of the had flattened out and could act as support. Adding in the mix, the EMA's on the were still crossing the centre line which tends to be a momentum play.
What am I Looking to Happen:
As the two EMA's on the are STILL crossing over the centre line it is still a play and I expect price to keep rising until we hit some form of resistance. The first resistance is going to be the upper . The second level will be the pink trading zone which lines up with previous . From there you can look at the 50 and 200 Moving Average as the next levels.
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