The U.S.Oil jumped yesterday after the Saudi Arabian and Russian energy ministers said they are in favor of extending a production-cut deal for nine months. The price is trading above the 48.70 support level. In the event that the upward move continues, we will face resistance levels at 49.30 and 49.80. On the other hand the price shows a taking profit action and falls below 48.70, the next support level will be at 48.15. However, as long as the price sustains above 48.15, we think the downward movement may be limited.
Support: 48.70 – 48.15 – 47.15
Resistance : 49.30 – 49.80 – 50.15
16 May 17 (Tue)
Important : One Billion Signals will not be liable for any losses sustained while using the services provided on the One Billion Signals application. This application is not a solicitation to trade forex signals, nor is the representation is being made that any account will, or is likely to, achieve profits or losses similar to those discussed on the application. The past performance of any trading system or methodology is not necessarily indicative of future results.
© 2019 One Billion Signals All Rights Reserved