Oil has been consolidating in a rectangle and we could see a move up before the price drops.
Oil has been consolidating in a rectangle and we could see a move up before the price drops.
Since March 17 we have seen a consolidation in the oil price. We don’t know if the market is going to continue with any trend until the range is broken. At this point we should see a drop from 78.6-88.6 zone towards W L4 camarilla. However, the POC zone needs to be reached – 63.22-63.98. When the price gets there, I assume another drop is coming towards 57.52 which will be the target for the move. This will create another rectangle and possible range 50-65.
For a look at all of today’s economic events, check out our economic calendar.
