Oil is Still Bullish as the Retracement is Underway

1 min read
tarantula fx

tarantula fx

Head of Trading

Dear traders,

Oil is dropping as the price is still in a retracement. Watch for a possible rejection at the POC zone.

The POC zone 68.25-68.80 is the zone where the price might bounce. CAD is dropping and CAD is correlating to Oil. If we see a retracement there, watch for a move towards 70.80 and 73.79. If bulls want to stay in control the price needs to stay above 67.00. Buying the dips is still the strategy to go with.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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