Binary oil is firmly positioned to continue its upside march. It has been a seasonal binary asset so far managing to increase in value during summer time. Tendencies are of changing nature recently. What has been a standard and normal in the past could not be so in the future. The market whims have to be observed in order not to be caught in a misleading correlation between the binary markets. Binary oil is about to rise. The binary traders are waiting for this to happen and have started to buy binary call options so far. Is it possible that they be wrong? Of course it is possible.
The correlation between the greenback and the binary oil is well-known. Should the American dollar rise, the underlying binary asset should fall. This is the normal order and tendency. However, the binary traders have witnessed days of different market behavior. So, they should take a closer look at the current balance of the market forces in order to be more confident when putting their money on the trading “battle” field.
Currently, the greenback is decreasing against its peers. It favors the binary oil on its way up. However, it seems as though the American dollar could find support at current levels. The main question is how it will influence the black gold. Should the correlation be perfectly negative as the market expects or it will be different. The big players have one main goal-to become richier and they will use all tools to do so, to take other trader`s money.
The chart of binary oil seems poised to continue upward. It makes higher lows leaving big shadows to the downside. It is a signal of increased buying pressure which could be transformed into a dramatic rise in the binary options.
Potential short-term targets are $93.00, followed by $97.00.
The information in the above 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.