Mid-day oil update 20-07-2017
The price of oil has fluctuated around the 47.00 level since the morning without being able to breach it so far. As mentioned in our last report, breaching this level will complete the formation of the double bottom pattern shown in the picture and then push the price to extend its gains in the short term and then break the 48.37 barrier to target 50.00 levels. Then 52.50.
SMA 50 continues to support the suggested bullish wave, which requires stability to remain above 46.05.
The trading range for today is among the key support at 46.05 and resistance at 49.50
The general trend for today is bullish
I think the price is going to skyrocket near the end of this year
Yes it will. Let's see.
Wow.
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