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Oil pull back near its end

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Oil prices remain in a longer-term bullish trend that will eventually see Oil price above 62$. We are currently in a corrective phase and Oil price has reached the upper boundary of my buy zone.
Price has reached the green Trend line support and is very close to the 38% Fibonacci retracement. Oil price range between 56.20$ and 55$ is a buy zone for me. I expect Oil to reverse higher and resume its up trend from this support area.
Important support is at 55$. Resistance is found at 56.90$ and next at 57.90$. I believe bears should be very cautious at current and lower levels and look to take any profits, because being short is contrarian to the bigger trend which is bullish.
Concluding I'm starting to look buying opportunities for Oil with target at new highs above 60$. I would use 55$ as stop as I would not want to see price break below it.

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About the author

Alexandros has been actively trading for more than 15 years. After successfully completing his MSC degree in International Securities Investment and Banking in one of the top European Business Schools, he became a certified derivatives trader in the Greek Stock market.

Shortly after he started working on the fx and international securities desk of a brokerage company, while passing his exams to become a Portfolio Manager. He is now working as head of the Portfolio Management team in one of the Greece's top brokers, trading in the Greek and international exchanges.  Alexandros has also been running his own personal website, providing analysis for more than 5 years and has been active on twitter sharing his views in real time to his more than 4000 followers.

Alexandros is also working as a daily analyst for Gold and the Dollar index for InstaForex Company. His main tools are Ichimoku clouds, classical technical analysis and Elliott waves, while scanning 4hour, daily and weekly charts.


Contributing author since 10/10/2017 

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