The price of a barrel of oil is influenced by a huge number of factors. With the development of technology, people have adapted to take into account almost all of the available ones, except force majeure and human factors.
On the second slide is a map of levels and volume profile bars for the daily timeframe.
In the last review I described a scenario which is now fully worked out and the price of black gold has reached its target.
The EU leaders’ summit and the decisions made could end up having a big impact on the trend. This is one of the reasons that makes oil traders slow down at the current resistance level (marked in red on the slide) .
Bottom histogram total delta for the day – sales prevail, but here we should take into account the 3 days growth before that and plus the EU summit – any of you would have at least part of your buying. And that is a huge amount of Sell orders, if I am wrong choose your option by clicking the “Sell” button.
As the result, now the major part of the traders is waiting for the termination of the Summit, after which they will start to load new positions and if nothing changes significantly, then the dynamics will continue in the near future.
The levels required are shown on the slide 2. Profitable trades and good luck to you.
author & trader: Mikhail Lemah