Is CRUDE OIL moving higher?
Despite the recent move upwards in Oil, many are still not convinced and would be expecting it to go lower before they enter the position. They are not convinced at $45 level. They are not convinced at $50 level. They are not convinced at $55 level.
At near $60, they are now thinking that they might have missed the boat and would want to get in if the prices are lower. But when the prices go lower, they want it to be much lower so that they can buy even cheaper. So what is the price to buy in?
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The chart would be a good reference to look at. The moment the prices go above 55, the “W” formation is complete. And the prices will have the potential to move much higher from that $55 level.
If it has dropped from $100, and now it is $60, is it still cheap?
Will it move towards $75?
Check out the chart.
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