Oil has come a long way from the 100% decline we witnessed in 2020 where price came close to
hitting the $0.00 mark. We have seen price climb above $65 since that time and continues to look
strong on the daily timeframe (not shown) where we see a pattern of higher highs and higher lows.
Price is above the weekly 200 simple moving average and the daily 200 simple moving average and
the recovery has been strong and consistent.
The candle this week so far is displaying an indecision candle so there are some strong clashes
happening between the buyers and sellers.
There is a strong level of resistance above price at $76.88 and this is from the October 2018 high.
If price can continue to climb and break above this level then we should continue to see growth
in the price of oil.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
hitting the $0.00 mark. We have seen price climb above $65 since that time and continues to look
strong on the daily timeframe (not shown) where we see a pattern of higher highs and higher lows.
Price is above the weekly 200 simple moving average and the daily 200 simple moving average and
the recovery has been strong and consistent.
The candle this week so far is displaying an indecision candle so there are some strong clashes
happening between the buyers and sellers.
There is a strong level of resistance above price at $76.88 and this is from the October 2018 high.
If price can continue to climb and break above this level then we should continue to see growth
in the price of oil.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
