After 2 months of a down trend, we finally see some indications of price recovery for Oil.
The golden cross, a historic buy signal, supports this theory. Local resistance has formed at $68.00 and buyers already tested this level 3 times.
The more frequently a level is tested, the weaker it tends to become, increasing the chances of a breakout.
If buyers continue to pressure this resistance, a break above it could trigger a strong upward move.
We are going to enter buy positions around $68.30 with a TP target close to $70.50 (61% Fib) and SL will be 4% below the entry.
Profit & Loss
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