OIL BOUNCE BACK ON THE CARDS
USOil has bounced back from the $50.00 level and could see further upside. OPEC has agreed to cut production, this will limit the supply and increase demand for the commodity.
As demand increases so will the price and we should see some relief to the current downside we are seeing in Oil.
Looking at the 4hr chart we can see that the market has formed higher highs and the moving averages have now crossed bullish. Applying Fibs we can see the 61.8 retracement is
sitting at the previous structure highs and would be an area of interest if the market formed bullish price action here. 1st targets up at the 127.2 fib extension and follow the 4hr trend higher.
As demand increases so will the price and we should see some relief to the current downside we are seeing in Oil.
Looking at the 4hr chart we can see that the market has formed higher highs and the moving averages have now crossed bullish. Applying Fibs we can see the 61.8 retracement is
sitting at the previous structure highs and would be an area of interest if the market formed bullish price action here. 1st targets up at the 127.2 fib extension and follow the 4hr trend higher.
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