Oil: Market is looking indecisive
Publish Date : 2019/09/24 - 05:53

The WTI oil market is looking indecisive and a close above $59.20 is needed to revive the bullish case.

The oil on Monday witnessed two-way business and created a Doji candle on the daily chart. The pattern is widely considered a sign of indecision in the market place.

A close below Doji candle's low of $57.45 would imply a resumption of the sell-off.

On the other hand, a close above Doji's high of $59.20 would mean the indecision has ended with a bullish breakout. That would open the doors for another spike above $60.00.

Oil registered double-digit gains on Sept. 16 as an attack on Saudi oil facilities triggered fears of a prolonged supply cut. Since then, however, the fears have eased somewhat with Saudi officials saying that oil supplies will be normalized before the end of September.


Source: Fxstreet

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