CL – between the hammer and the anvil

price histogram : total volume & delta
tf histogram : total volume & delta

There is quite an interesting situation for oil at the moment, worthy of your attention.
You can see on the slide, there are two important levels, support 74 – 74.50 and resistance 76.50 – 77.50.

The situation is interesting as it is the third day that the oil price is trying to break through the resistance, but all the attempts to do so ended in the pullback. But today, as you can see from the lower histogram, buyers’ activity is not high, but higher than that of the sellers.

If you hold the buy, you have a good chance to see a profit today.
It is very important that during the opening of the American exchanges the buying trend will continue.

The second scenario that is also likely to happen is that the sellers’ stop orders are reset – a jump in price to 77 and then the start of selling all through the US session.

Author & trader: Mikhail Lemah