VantageFX
Short

A Bounce in OIL? Get Real...

FX:USOIL   CFDs on Crude Oil (WTI)
Oil
350 1 1
oil
I’ve read a few headlines and market notes highlighting last night’s bounce in the price of oil             and whether this could signal some sort of bottom. Today’s chart of the day takes a look at a few charts and what market sentiment could mean for Commodity traders heading forward.

First of all we take a look at the 4 hour chart, showing yesterday’s reportedly strong rally off lows. Strong rally off lows? It was ONE 4 hour, counter-trend candle that flew straight into resistance!

Come on guys…

I included the daily chart here to highlight the major bearish trend line that price has tucked back in below, also showing the strong daily rally from a longer time frame view.

With short oil             an already very crowded trade, taking a contrarian view does have its merit, but calling lows off these charts isn’t something I’m jumping out of my skin to do. Do you see opportunity buying oil?

Read more in the Vantage FX Forex News Centre.
snapshot


Yes I see opportunity in buying oil.
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out