Binary Oil has managed to bounce off the lows 2 weeks ago. It is struggling to find enough strength and binary call option buyers in order to push higher. It is possible that the correlation between the binary asset and the binary U.S. Dollar be changed to some extent. The binary options on oil could leap even with rising greenback. Binary traders have plenty room to place their upside bets currently.
Binary oil has retreated from the short-term high at $88.50. It represents 38.2% of retracement from the wave starting at $106.00 to $77.00. The deteriorating market conditions favored a corrective wave in the binary options. However, it seems as though the binary asset has found support at $84.00. The aforementioned level has been tested 5 times and keeps the binary options from losing ground.
Should the support be broken, potential targets for the binary oil are $81.00, followed by $78.00. The probability that the underlying commodity is about to rise is much higher than the possible negative outcome. Hence, it is a good strategy to start buying binary call options.
Potential upside targets are $88.50, followed by $91.80.
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.