The oil price pattern has been in a range for sometime now with price trading within levels 61.83 and level 65.55 .Level 67.71 is currently set to be our higher higher for this year. We haven’t seen price test this level since march 8th . Today price currently trades at level 64.65 which is approximately 315 pips away from its higher . Today’s question is, will we see price reach its higher high and could price possibly break past it?
Looking at the chart you may notice price approach level 65.55 .It is at this zone where we see the oil price pattern struggle to move past . In the chart we see that price found resistance at this level 4 times this month alone on the H4 chart. Our analysts have seen price create fake breakouts past level 65.55 a couple of times. Will the pair repeat this price action ? High chances are yes however if price does move past it we can expect the higher high to be tested.
If price finds resistance at the higher high we can expect it to plummet to level 65.55 level 61.83 .Reason being this is where price finds strong support . We hold strong belief that the market could be bullish in the long run however the higher high must be broken before we have that confirmation. In the meantime we can say that the oil market currently ranges in between important level that could possibly go could possibly be our signal for an entry.
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