FX.co ★ Control zones for OIL on 08/13/19

Today's plan is based on the reaction of testing the level of $55. If today's trading closes above this mark, then the likelihood of continued growth to $60 per barrel will increase to 70% and purchases will remain a priority. In addition to the already open position, it will be possible to add volume as the upward movement will become a medium-term impulse.

The first test of the weekly KZ at 54.53-54.17 did not lead to the appearance of a large offer, which increases the likelihood of consolidation above this zone. Some of the sales can be left at break-even in case of growth to $60.

An alternative model will be developed if a repeated test to the level of $55 leads to the formation of a false breakout pattern. In this case, you must close all purchases and open a short position. The first goal of the reduction will be 1/2 WCZ of 53.35-53.17.

Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.

Weekly CZ - weekly control zone. The area formed by marks from the important futures market, which changes several times a year.

Monthly CZ - monthly control zone. The area is a reflection of the average volatility over the past year.