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September 12, 2017
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September 13, 2017

Oil price has made an important low at 47$ yesterday and has also made an impulsive rise to 48.26$, while now it is moving sideaways…..

Oil was rejected at important resistance 49.41$ but both in the daily and in the 4 hour charts, price has respected Kumo (cloud) support from where it started a new upward move.

Price is making a higher low and if price manages to break above 49.41$ we will have a higher high confirming our bullish view for a move above 50$ towards 52$.

Even in the daily chart a sequence of higher highs and higher lows could be at its early stages now, so that we can expect price to extend towards 53$. Short-term key support for this view is the 47$ level while the 45.59$ is the most important support of all, because if this level is breached….we forget the move towards 52$ and start looking for a new low towards 40$

 

I’m currently long oil futures. Thank you for taking the time to catch up on my thinking.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.