The oil market has seen a major increase in price since its fall from last year. In todays price action we see something new as the oil soars and prices continue bullish, forming new highs for the 2021 calendar year. Price shows no action stop anytime soon. Here’s why we think so.

Oil daily chart 3 February 2021
XTIUSD daily chart 3 February 2021

In chart you will notice how price swiftly broke past its pervious 2021 higher high with ease. Price currently trades at 54.86 where it currently struggles to break past. Our analysts predict that price might face challenges moving past this new level. However not to say that that the trend isn’t bullish.

In the charts you see how far price has come since its fall from its lowest low. As the oil soars we hold strong belief that the price of the oil market could be slowly rising to its normal prices as economies get a hold of vaccines and re open from shutdowns.

Oil H4 chart 3 February 2021
XTIUSD H4 chart 3 February 2021

Our analysts have set the the next target level at 57.96 .We believe it is at this level we could trade price to before we see any possible major retracements. However, incase price doesn’t move bullish now . We could see it retrace to levels such as 51.50 and 49.43 where price may find support and rebound bullishly.

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