OIL.WTI Our expectations:
A strong trend confirmation signal from price action after engulfing the last bear bar allows for long positions with a stop at 67.60.
The price breaks back above 50SMA, and the SMA200 is also beneath it - a positive signal.
Breakthrough of the flag formation also supports the bullish scenario.
RSI (14) over 50 - positive signal.
Fundamental: The US president commented that he expects a positive outcome of the NAFTA deal by the end of the week, which is positive for oil. Canadian Minister Trudeau's comments are also in the direction of signing the deal.
Alternative Scenario: Closing an entire bar below SMA50 may be negative and reverse the bullish scenario.
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