15/04/15 Light Crude Oil prices continue to extend its gains after prices broke above 53


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Light Crude Oil prices continue to extend its gains after prices broke above 53 yesterday. Candles now draw near the yearly resistance at 54.00 where we may see a reversal of the bullish run. Traders may await for a confirmation of a reversal at 54.00 before engaging in a shorting entry. However, bullish momentum of the pair remains relatively strong and we may see prices breaking above 54 this week.

 

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Focusing on the hourly chart, bullish movements started to slow down as observed by the formation of shorter bullish candles. Currently, there are no confirmations of a reversal of the bullish run and traders should be patient and await for candles to re-test 54.00. However, for slightly aggressive traders, it is possible to engage in a shorting entry now and engage in another once candles show a confirmation of a reversal at 54.00. Due to its high volatility, should prices break above 54.00, we may see candles continue to rise and form a new high for the year.

 

Trend Direction
 S3
S2
S1
R1
R2
 
Bullish towards 54.00 50.0051.5752.9654.0055.00

 

 

 

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