For sometime now we’ve seen how the XTIUSD trades at level 41.58 .In the past weeks we’ve seen price fail to break past this level on 2 different occasions. Thus, confirming that we are trading a range bound market . With price trading in between level 36.80 and level 41.58 where price currently trades.
Looking at the chart you will notice how price trades at these levels. Price currently shows promising bullish price action. We believe that price could trade to level 43.83 which is the 2020 higher high. This is only possible if price moves past level 41.58 . By the close of today’s daily candle we could have a clear direction of where price will be heading.
If buyers fail to push the market bullish we can expect sellers to push the market bearish. We could possibly see the XTIUSD trades at level 39.30 and move as low as level 36.80 . Our analyst predict that this move signal something else for the Texas oil.
NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.