Oil is greatly oversold on the Weekly chart and the Down trend is still intact on the Daily. I guess someone really wants Putin to feel the effect of the sanctions against Russia over Ukraine (which in my twisted mind also makes sence of the current USD Index rally record) We now have a pullback due to a Bullish Divergence on the 60 min chart and I will sell again as soon as one get a good price. Again keep a good eye on the Dollar to time your entry right.
Comments
FOREXEL
⋅
Successful trade, Reached full target
LudmilaHanania
⋅
Your technical analysis I agree with, but the metals are showing all signs of a bottom, next week will give a better picture. Now on Putin and oil dropping I do not think there is any correlation, if the US and EU could manipulate down the oil price they would have done at more critical times when they needed to.
FOREXEL
⋅
yes you do have a valid point concerning manipulation but look at the weekly chart and daily, I can not see any signs of a coming divergence yet, and so greatly oversold, pls share what you see