After the first attack on the psychological $90 barrier on Wednesday, the binary oil took a little break and closed the daily session at $89.94. Twenty minutes later the price suddenly jumped, broke through the $90 line and finished at $90.25.
Tired after the violent move, the binary bulls decided to take on a break, leaving the oil prices to fluctuate between $90.13 and $90.34 levels. Four hours later the bulls entered the binary market arena once again, so the price continued to increase steadily.
Just one more time there was strong enough pressure to stop the constant expansion of binary oil. The zone between $91.10 and $91.30, where both of the Fibonacci fans showed on the chart cross their 61.8% lines. After the first test around 10:20 in the morning, binary options on the asset wandered for four more hours until they’ve gained enough strength and passed through the zone of resistance.
At the moment, the binary oil is attacking one more resistance level, located at $91.85 and representing a 50% retracement of the big two-month-long drop from $106.43 to $77.26. If the price manages to break the resistance and holds above the $91.85 line, there is a chance that it will continue increasing, until it hits the next important level of support at $95.29, or even the MA 200 at $96.86.
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.