a daily price action after hour update - oil
Good evening and i hope you are well.
wti crude oil
bull case: Amazing day by the bulls. They broke strongly out of the bear flag and made the market always in long on the daily so i expect follow through to 78 or higher.
bear case: Bears see this as a trading range and they want the market to form a lower high below 78. After such a strong move on the daily, bears expect bulls to take profits and the market probably will go sideways before another leg up or down.
short term: neutral here - valid targets on both sides and today was strong enough for a breather over the next 1-2 days. If bulls manage to keep this running, 80 is highly probable but first they need a higher high above 79.
medium-long term: Sideways until clear break of range between 70-80
trade of the day: long → see chart
wti crude oil
bull case: Amazing day by the bulls. They broke strongly out of the bear flag and made the market always in long on the daily so i expect follow through to 78 or higher.
bear case: Bears see this as a trading range and they want the market to form a lower high below 78. After such a strong move on the daily, bears expect bulls to take profits and the market probably will go sideways before another leg up or down.
short term: neutral here - valid targets on both sides and today was strong enough for a breather over the next 1-2 days. If bulls manage to keep this running, 80 is highly probable but first they need a higher high above 79.
medium-long term: Sideways until clear break of range between 70-80
trade of the day: long → see chart
