Oil set up for another run to $60.00.

4 дек. 2019 г.

Production cuts are the talk of the day and the foreseeable future around the OPEC and OPEC+ meeting. We recently saw an extended move to the upside from the support structure. From here we moved into the previous strong resistance level at $58.70 and now we do anticipate more upside, should the mapped out support zones hold.

Oil could find itself down to $57.00-$57.10 where the impulse started the break to the resistance area that is also the 50% Fib retracement zone from the move. The first support level to watch however is $57.85 for the extended move up to the targetted area at $59.90 and $60.00

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