Oil is trading within a Channel Up on the 1H chart (RSI = 66.305, MACD = 0.410, ADX = 40.465) and has just priced the Higher High on the 1H MA200 (orange line). Roughly a -9.00% pull back is expected for the next Higher Low (20.50) and then the bullish leg for the next Higher High at 22.90 (0.618 Fibonacci).
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Note
This is invalidated now after Trump's tweet on the proposed output cut (Saudi Arabia/ Russia).
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Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.