Wednesday 11th December
Crude Oil is approaching a major resistance zone.
Over the last week OPEC have suggested they will continue further oil supply cuts going into the lat 2020s.
This has given crude oil prices a lift towards the $60 per barrel mark.
Currently Crude Oil is trading between an ascending wedge and is approaching a number of descending trend lines.
Crude Oil is also trading between an ascending channel and is currently positioned at the top of the channel. This also suggests we could see a move lower.
Trade Set Up : Crude Oil SELL LIMIT (Code on MT5 xtiusd) entry price is 59.50, stop loss set at 61.20, take profit 56.00