Oil price has reached the key resistance [54.31 – 53.97] of the middle-term downtrend. The trend for the next few weeks is being determined now. If the resistance zone is broken out, we shall buy oil with a target at Target Zone 2 [57.76 – 57.42].
The short-term trend reversed upwards as Intermediary Zone [52.57 – 52.40] was broken out yesterday. The price also reached Target Zone [54.47 – 54.13] yesterday. The price can go higher if level 54.47 is broken out. In case of the breakout, the next target will be at Gold Zone.
Look for buy…
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