Oil is very bullish on Friday. On daily TF, it has reached resistance, pending confirmed breakout.
On 4hr TF, it has closed outside of the BB and a retracement could be coming, probably to the mid of BB.
On the weekly TF, it is in the resistance area whereby range movement could happen. A strong breakout must happen for oil to go higher. With OPEC meeting coming in 1 month time, any breakout may not happen soon unless more bullish action from opec countries I think.
On 4hr TF, it has closed outside of the BB and a retracement could be coming, probably to the mid of BB.
On the weekly TF, it is in the resistance area whereby range movement could happen. A strong breakout must happen for oil to go higher. With OPEC meeting coming in 1 month time, any breakout may not happen soon unless more bullish action from opec countries I think.
Daily support/resistance on 30th Oct : 53.87, 53.23
Weekly support/resistance from 30th Oct - 3rd Nov: 53.75, 52.88
Weekly support/resistance from 30th Oct - 3rd Nov: 53.75, 52.88
Monthly support/resistance for Nov: (CLZ7: )
Monthly support/resistance for Oct: 51, 49.71 (CLX7: 51.14, 50.13 ; CLZ7: 51.46, 50.58)
Monthly support/resistance for Sept: 47.40, 48.01 (CLV7: 47.41, 48.05 ; CLX7: 48.05, 48.38 )
Monthly support/resistance for Sept: 47.40, 48.01 (CLV7: 47.41, 48.05 ; CLX7: 48.05, 48.38 )
2017 Yearly support/resistance: 49.35, 40.28
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