Bullish Setup In Oil
Alexandros Yfantis | Sep 12, 2017 06:04AM ET
Oil price has made an important low at $47 yesterday and has also made an impulsive rise to $48.26, while now it is moving sideways.
Oil was rejected at important resistance $49.41 but both in the daily and in the 4 hour charts, price has respected Kumo (cloud) support from where it started a new upward move.
Price is making a higher low and if price manages to break above $49.41 we will have a higher high confirming our bullish view for a move above $50 towards $52.
Even in the daily chart a sequence of higher highs and higher lows could be at its early stages now, so that we can expect price to extend towards $53. Short-term key support for this view is the $47 level while the $45.59 is the most important support of all, because if this level is breached, we forget the move towards $52 and start looking for a new low towards $40.
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