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Control zones for Oil on 24.07.19

Today's trading plan is to find a favorable price for the purchase of an instrument. Yesterday's closure of the American session occurred above the 1/2 WCZ of 56.74-56.56, which indicates that the priority has been changed to a bullish one. The target for growth is the weekly CZ of 58.75-58.39.

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The defining support is the 1/2 WCZ of 55.59-55.41. As long as oil is trading above the specified zone, the upward movement will remain a pulse. The probability of updating the weekly maximum will be 70%.

An alternative model will be developed if the closure of today's US session happens below 55.41. This will cancel the purchase and force us to consider sales in the second half of the week. The probability of implementing this model is 30%.

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Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.

Weekly CZ - weekly control zone. The area formed by marks from the important futures market, which changes several times a year.

Monthly CZ - monthly control zone. The area is a reflection of the average volatility over the past year.

The material has been provided by InstaForex Company - www.instaforex.com