After crude oil plummeted last week to a low near 58.1, it rebounded on Friday and closed around 59.5, basically confirming a consolidating trend.
For this week, crude oil is expected to first trade in a low-range consolidation before assessing the potential for a unilateral move. Focus on the 58 level as support below and 62 as resistance above; trade within this range using a "buy low and sell high" strategy.
Go long around the 58.2 level.
Go short around the 61.8 level.
If the price breaks out of this range, then look for a unilateral trend to follow.
For this week, crude oil is expected to first trade in a low-range consolidation before assessing the potential for a unilateral move. Focus on the 58 level as support below and 62 as resistance above; trade within this range using a "buy low and sell high" strategy.
Go long around the 58.2 level.
Go short around the 61.8 level.
If the price breaks out of this range, then look for a unilateral trend to follow.
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