Oil breaking into new highs does not mean a bull trend for oil.
62.56 is current high in the channel. Likely long if it breaks that.
But it needs to break the 200 day EMA too.
Oil went down yesterday, breaking the old channel and making new low, but since it didn't broke 50 day EMA, it went long again, and it went very fast.
Indicators say it is on the verge of going into new highs( 63 ), MACD likely to get bullish, ADX/DMI already bullish.
Check 1h post on oil to get entry/exit points on oil.
62.56 is current high in the channel. Likely long if it breaks that.
But it needs to break the 200 day EMA too.
Oil went down yesterday, breaking the old channel and making new low, but since it didn't broke 50 day EMA, it went long again, and it went very fast.
Indicators say it is on the verge of going into new highs( 63 ), MACD likely to get bullish, ADX/DMI already bullish.
Check 1h post on oil to get entry/exit points on oil.
