Crude Oil appears to have formed a medium term bottom, which was marked by a pin bar off the lows from Dec. 11th. It has also in my opinion shown signs of accumulation forming today two intraday breakouts suggesting follow through buying.
With the bulls in control, I'm looking at getting long on a pullback towards $87.10 and if it shows continued strength, then a pullback towards the more shallow $87.66 level so watch for price action clues here. Resistance comes in short term at $88.48 and $89.
Upcoming Economic Announcements:
|CNY China Property Prices||20.30EST|
|GBP Core Consumer Price Index (YoY)||04.30EST|
|JPY Merchandise Trade Exports (YoY)||18.50EST|
Check out my latest article which is a must read on What Is A Quality Signal?