Binary oil is traded in a very tight range for the last 3 days. The volatility decreases and it becomes difficult to place profitable bets because of the timing. Binary traders should not try to trade under such conditions because they put at risk the invested money. They could have good ideas, but because of the tight ranges and the limited time, the trades could expire worthless.
Today`s range of change is about $0.80. As the binary traders could realize it is not a significant range to trade successfully. The binary commodity is flirting with the yearly low so far. It seems as though it has found a sound support. However, there are some obstacles on its way up. The upcoming elections this weekend will shed more light on the subsequent development of the binary instrument.
It is possible to test once again the support before finding enough strength to push higher. The new trend is under way. Hence, it is better to trade on intraday basis and not to try to anticipate the moves.
Potential targets are $84.00, followed by $84.70.
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.