Oil price has reached Target Zone 2 [59.83 – 59.43]. The major target of the middle-term term uptrend has been reached. The price may go further if the buyers consolidate above the resistance.
If the resistance is held, the price must be corrected down to the key support [55.80 – 55.40], where one could enter new purchases.
In the short-term timeframe, the short-term uptrend continues. Buyers are now trying to break through the resistance [59.36 – 58.96]. If they do, the next upside target will be Gold Zone [61.16 – 60.96].
I recommend oil traders to look buy...
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