Hi Traders!
USOIL is slowly pulling back to its three-month low at 77.68.
Price Action 📊
The market's price action is currently bearish due to a few signs. The market recently had a trendline support momentum break after a very strong uptrend period, which has led to lower highs and lower lows. Finally, the market broke under the 20 EMA and has failed to go back above it for over a week. These signs are pointing to a possible market reversal of the bullish period the market had in August. We are now looking for a continuation down to target the three-month low at 77.68, which is where the bullish period started.
Fundamental Analysis 📰
Oil prices have started to dip even after raising tensions in the Middle East, as investors closely monitored the U.S. Federal Reserve’s monetary policy meeting and in anticipation of the US Non-Farm payrolls due out at the end of the trading week this coming Friday.
Support 📉
80.35: WEEKLY LOW
77.68: THREE MONTH LOW
Resistance 📈
84.67: 20 EMA
85.19: WEEKLY HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
USOIL is slowly pulling back to its three-month low at 77.68.
Price Action 📊
The market's price action is currently bearish due to a few signs. The market recently had a trendline support momentum break after a very strong uptrend period, which has led to lower highs and lower lows. Finally, the market broke under the 20 EMA and has failed to go back above it for over a week. These signs are pointing to a possible market reversal of the bullish period the market had in August. We are now looking for a continuation down to target the three-month low at 77.68, which is where the bullish period started.
Fundamental Analysis 📰
Oil prices have started to dip even after raising tensions in the Middle East, as investors closely monitored the U.S. Federal Reserve’s monetary policy meeting and in anticipation of the US Non-Farm payrolls due out at the end of the trading week this coming Friday.
Support 📉
80.35: WEEKLY LOW
77.68: THREE MONTH LOW
Resistance 📈
84.67: 20 EMA
85.19: WEEKLY HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
Trade closed: target reached:
Target area reached
Comment:
3 month low now broken
