Oil has broken out of the downward trend. Both the 10 & 20 ema have crossed the 55 ema.
Stochastic shows it is being overbought on the daily, therefore expect a bounce back to touch the downward trend line, then back up.
Will face a major resistance level of approximately 81.25, should it break, Oil may reach the following major resistance line of approximately 91 to 92. Great Risk/Reward Ratio.
Keep an eye on the news.
TYPICAL DISCLAIMER:
Invest at your own risk; not financial advice.
Stochastic shows it is being overbought on the daily, therefore expect a bounce back to touch the downward trend line, then back up.
Will face a major resistance level of approximately 81.25, should it break, Oil may reach the following major resistance line of approximately 91 to 92. Great Risk/Reward Ratio.
Keep an eye on the news.
TYPICAL DISCLAIMER:
Invest at your own risk; not financial advice.