Categories: Technical Analysis

Oil Looks Set For More Gains

The US Dollar gained a lot of pace recently, and as result OIL dropped. However, it is now approaching a major support area of $57.90-58.00. There is a bullish trend line formed on the 4H chart as well, which might act as a catalyst for an upside reaction. There is a possibility of a bullish scenario around the mentioned level, and that is why I think we should be looking for BUYING opportunity. The 4H RSI has started to move higher after falling close to the 30 level, which is a positive sign.

Important Support – $57.90
Critical Resistance – $59.50

H4 – important support as mentioned around $57.90-58.00.

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H4 – First possible target for the buy entry could be around the highlighted bearish trend line.

Entry:
H4 – Buy dips in OIL as long as the $57.90-58.00 support area holds.
Target 1: $59.50
Target 2: $62.00
Stop Loss: A 4H close below $57.80.

Video Explanation:

Yours,
Vladimir

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.