Oil futures resumed upward movement after traders accumulated new US sanctions against Iran. WTI jumped slightly above $70 a barrel, marking a new high which not reached in the past three years. After the attacks in Syria, the moods for the oil remain extremely positive, and the record shale output of the state can not tame the bulls.
Technical oil activates another trend-confirming figure-flag. Earlier in the week the price tested the breakthrough of the big triangle whose top side proved decisive. 50 and 200SMA remain beaded while Sequential counts a pair from above - the start of a new bullish impulse. DeMarker pointing up near an over-purchase area. Transactions from current levels will be risky given the volatility of the instrument, but if the price stays above the previous peaks, positivism over the next week will take precedence. We are waiting and any correction will be sufficient reason for entering the trend.
We can find a nice input at USD/CAD, a pair that currently reflects the disputed end of the Beijing negotiations and the oil strength - USD/CAD D1 - Short
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