The XTIUSD (oil) Currently trades at its higher high. In the previous post we spoke about how price had been acting within levels 61.83 and level 65.55. However, recently price had other plans as we saw the oil price action reach new higher highs this year with price currently trading at level 69.20 which is a few pips away from from the higher high at level 69.20. Now with price currently trading close to its higher high could we see it move higher ?
Well, our analyst believe that the XTIUSD (oil) could possibly move bullish to level 73.93. But if price does have other plans. We could see sellers push the market back to level 65.55. It is at this level where price could find support and possibly resumes its bullish plans. However, if sellers continue pushing the market bearish . Possibilities are price could resumes in its range . Thus, making our recent touch to the higher high a “fake breakout”.
You may be asking when is the right time to join this trend? Well, because price now trades at its higher high or close. A bullish entry is not a wise idea, as price is exhausted and is most likely to make a retracement. Incase sellers do overcome buyers .We believe that this is a bullish trend that the bearish movement is short term.
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