FX.co ★ Crude Oil 10/12 trading levels before inventories data

Crude Oil completely recovered from the November 29th hard drop and is now trading at 2-month highs that is $58.70 right now. The rising channel proved to be still a valid risk level provider and the price has once again gone to test the upper border (6th Dec) at the level that happens to be also the retest of an older trendline starting in Dec 2018.

Chart LT

WATCH OUT carefully the area between 58.10 / 58.50: if clearly broken, we have room for the 1st target at 57.50, than 56.70; finally the lower bound of the channel, 56.20

Risk to the upside is the retest of the broken black line at 59, than eventually 59.50 and highs close to 59.80

Trading Oil with tight stops is not always a good idea, manage your volumes instead.

Stay safe