In our last post here, we noted that Crude Oil has entered a bullish sentiment zone and that we are on the lookout for bullish signals to go long on this commodity. While there is no strong signal of a bullish market on 1h and 4h chart yet, we note that the first signs of a bullish continuation is occurring on the daily chart.
Although not a very decent bullish candle, there is some sort of support for Oil at 42.00 but this could be due partially to a Friday close, and closing of positions ahead of the meeting in Doha this Sunday. Nevertheless, we still remain bullish on this pair, but waiting for further confirmation next week before we commit to this trade.
Visit our main page at www.fxgenesisfm.com for more analysis and articles, or if you wish to connect with fellow trend traders. :)
Although not a very decent bullish candle, there is some sort of support for Oil at 42.00 but this could be due partially to a Friday close, and closing of positions ahead of the meeting in Doha this Sunday. Nevertheless, we still remain bullish on this pair, but waiting for further confirmation next week before we commit to this trade.
Visit our main page at www.fxgenesisfm.com for more analysis and articles, or if you wish to connect with fellow trend traders. :)
