KQMarkets

Oil - Long - Continued Upward Momentum Possible

Long
OANDA:WTICOUSD   West Texas Oil
On our last oil analysis as at the 08.08 we identified that the level at the time was an opportunity to start building a long position but we would not want to see the market drop below the $50.493 support level. Oil prices have effectively risen and we see further upside potential due to the US delaying applying tariffs on China so we now targeting prices to pass through the $59.7 resistance level towards $60.

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