20/4/2018
Oil Jun 18
Previous Close: 68.44 -0.36
Crude has surged to a three-year high, the stockpile surplus is all but gone and OPEC’s choke-hold on its own production is only getting tighter. As oil ministers gather in Saudi Arabia, the $80 a barrel the kingdom desires is inching closer. OPEC’s supply reduction may keep getting deeper due to Venezuela’s worsening economic crisis and the growing likelihood that U.S. President Donald Trump will reimpose sanctions on Iran (Bloomberg)
Technically, price remain bullish but short term bearish.
Wave & Fibo projection
Major Impulsive Swing: Bullish with long term target at 74.11
Minor Swing : Impulsive Bull Swing target at 70.26
Current Swing: Correction size between 68.03 to 67.09
Classic Support & Resistance
Resistance: 69.56, 68.46
Support: 68.03, 67.35
Recommend Trading Plan for the day
1. Sell Stop 67.81, stop 67.96, TP1 67.66, TP2 67.51
2. Price in correction, buy if breakout 69.22
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