We last spoke about The XTIUSD(oil) price action back in June. During that time we saw price create a new higher high before finding resistance and retracing. In that post price found resistance at level 69.79 .Today we see something else happening in the market. Looking at the chart you may notice that the previous post’s higher high has been broken. Price has soared bullish and has traded above the previous high for sometime now.
Both the H4 and daily charts give us an illustration of how price has been acting recently. Today price trades at level 74.35 .This is a few pips below the new higher high price had created these past days. The new higher high is set at level 76.41 . We currently believe that now that a new high is set it may be sometime before it is broken. With that being said we think that the XTIUSD(oil) price action may range within support level 69.79 and resistance level 76.41. Our analysts see a lot of price action happening within this range.
Thus, we think that a breakout in either direction may be possible . If price breaks past its higher high we may see it reach highs which haven’t been reached in years. Currently buyers seem to have good control of the market as price soars bullishly. In case price has other plans we and breaks past the support at level 69.79 .We may see it retrace to level 65.55 or even lower at level 61.83.
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 risk warning before deciding to trade the markets.