Hi Traders,
Interesting price action on crude oil. On Friday we saw a massive sell forcing price back below the support of 114.46. Price created a very strong bearish engulfing candle and I would like to see price now retrace before looking for shorts.
We have seen the price of oil rise heavily over the last few months due to the shortage of supply as well as the war between Ukraine and Russia, although these fundamental factors heavily influence the market, Price always tends to follow the technicals, could this perhaps be a sign that war may be coming to an end?
I will wait for the retest and then find potential shorting opportunities. My target is 94.9 which means this will be a trade I hold for a while if price does not hit my stops.
As always, the week is young and patient traders are always head of the game.
Renaldo Philander.
Interesting price action on crude oil. On Friday we saw a massive sell forcing price back below the support of 114.46. Price created a very strong bearish engulfing candle and I would like to see price now retrace before looking for shorts.
We have seen the price of oil rise heavily over the last few months due to the shortage of supply as well as the war between Ukraine and Russia, although these fundamental factors heavily influence the market, Price always tends to follow the technicals, could this perhaps be a sign that war may be coming to an end?
I will wait for the retest and then find potential shorting opportunities. My target is 94.9 which means this will be a trade I hold for a while if price does not hit my stops.
As always, the week is young and patient traders are always head of the game.
Renaldo Philander.