Today we follow up on the oil price action. We’ve seen price it find support at price level 70. With buyers taking control of the market and pushing it bullish. Price now trades just bellow the 2021 higher high at level 76.96 .We last spoke about the pair last month when it found support and before it resumed it bullish price action. The link below is the previous analysis we gave out on the oil for full understanding of how price has moved . https://fxsits.com/the-oil-price-action-signals-potential-bullish-movement/ .
If the oil price finds resistance at its previous higher high at level 76. Then we may see the price of oil fall back to its recent support /resistance level at 72.97 . This is where price previously found resistance in which buyers managed to push the market bullish. We could see the oil continue bullish possibly up until December. We believe that the demand for oil will be high making the price of the commodity to rise.
Our analyst think that price still holds strong bullish price action. This is due to the reason that many economies are reopening . Thus allowing cross border movement .Attached are both H4 and daily time frames which can be used for proper understanding with the both H4 and Daily time frame chart attached for your follow up.
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