WTICO/USD UPDATE!!!!
Hi Traders,
We have here an update on crude oil. Oil is still extremely bullish, the red candle on the 14th Nov, (circled on the chart) clearly shows a test of support as well as testing the ascending triangle. However, we must be careful as there are fundamentals to watch out for. The biggest one being the vaccine. As the vaccine continues with distribution as well as the Moderna vaccine waiting to have the go ahead price will most likely continue to move slowly. We will also need to watch out for the efficacy of the vaccinations as this will be of great importance, COVID 19 cases are also surging which could be an indication of further restrictions on economies or even worse a continuation of lockdowns which would be the more severe outcome.
The next resistance level for oil will be around the $49.5-$50.
Thanks
The Market Sniper Team
We have here an update on crude oil. Oil is still extremely bullish, the red candle on the 14th Nov, (circled on the chart) clearly shows a test of support as well as testing the ascending triangle. However, we must be careful as there are fundamentals to watch out for. The biggest one being the vaccine. As the vaccine continues with distribution as well as the Moderna vaccine waiting to have the go ahead price will most likely continue to move slowly. We will also need to watch out for the efficacy of the vaccinations as this will be of great importance, COVID 19 cases are also surging which could be an indication of further restrictions on economies or even worse a continuation of lockdowns which would be the more severe outcome.
The next resistance level for oil will be around the $49.5-$50.
Thanks
The Market Sniper Team
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