CL: Fundamentals and Techniques support oil prices

01.05.2017 / 00:58

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Tensions in North Korea create a potential for military action, which would have a positive effect on the price of oil.

Recent US oil inventories were also good for the price of black gold, which is still in a resale zone.

Technical analysis:

Price of diagonal support and Fibonacci 23.6-key level.

False breakthrough of 200SMA strong bullish signal.

Pin bar and higher peak - positive scenario.

DeM Sequential - 9th for a probable ascending impulse.

DeM(14) and TD REI (5) are a resale zone - a probability of a change in the short-term decline.

SL: $47,60

Alternative Scenario: Break below 200 SMA (at least 3 closed bars below) will spoil the positive scenario.

Trader Nikolay Georgiev

Varchev Traders

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CL: Fundamentals and Techniques support oil prices

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