FX.co ★ Crude Oil. New buy opportunity (Daily Signal), November 18, 2010

Oil's recent symmetrical movements have created many buy and sell opportunities for us. Black gold's price falling from the recent record highs of 88.50 to the 80.00 low is forming a new buy opportunity, with the level of 80.00 US dollars per barrel of oil serving as a strong support level which may yet reverse the trend line back upwards. The positive deviation on the MACD indicator confirms our confidence in the bullish prediction.
At any rate, entry into a buy position can be only carried out if the four-hour bar closes above the upper border of the range pattern at 81.70 US dollars. The line serves as the resistance level and buy trigger should it be breached from below. To prepare for the expected upwards movement, one may place three realization goals, with the first placed relative to the 83.20 resistance level, the second – relative to the 84.30 resistance level, and the third – near the resistance level of 85.30 US dollars per one barrel of oil.