Market: OIL
Trend: Increasing
Interval: H1
Levels:
Support – 70.01
Resistance – 70.97, 71.19

Description:

The end of the corrective movement is probable and the next few days will tell investors what the outcome could be. Currently we are encountering a strong increase movement supported by a trend line (Pic. 1, green line). Levels which should prove interesting to investors, are 71.85 and 72.16, which are the 38.2% and 41.4% retarcements of the decrease wave. If the level of 72.16 is broken then this could be a signal that the bulls have gained momentum and that the corrective movement is over. I recommend observing both of the mentioned levels, due to the fact that within their boarders the market should forge additional signals in the form of candlestick formations which should tell investors what could happen in the near future on the oil market.

Omar Arnaout