The Texas oil prices has surely served as an opportunity for buyers during its recovery. We’ve seen price crash and then later soar bullishly. In our last post (https://fxsits.com/xtiusd-slowly-recovers-and-forms-bullish-price-action/). We spoke on the possibilities of a bullish movement for the oil. Price moved approximately 400 points bullish since that post. However, today’s tells us otherwise. The XTIUSD retraces after reaching new higher high. Is this just a regular pullback?
Looking at price action we understand that this could just be a regular pullback. In the chart, you will notice lower highs being formed and price currently trading 35.89. Level 34.87 serves as a key area that will help us determine where exactly price is headed. This level shows us the number of times price found support/resistance. Thus marking it as important. How far will the XTIUSD retraces?
If price does manage to break past this level. Possibilities are we could see price trade to level 30.92 .Note: that this movement is most probably a rectracement of the bullish movement. However, Our analysts believe that if price finds support at level 34.87 we will see XTIUSD continue its bullish direction. For more information on specific entries and exits Subscribe to our smart plans.
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