This is more fundamental cause rather than technical (I dont think technical will work).
Reason.
Before the Saudi oil fields strike, technical analysis suggested a down move (trend is bearish). Now because the strike, price break upwards (not supported by technical analysis), which suggest it will short reverse. Let's be clear, a good move supported by technical analysis is when price consolidates and is close to oversold. It was not the case.
Fundamentally, Saudi fields will recover, and we are in near economic crisis. One must consider the facts (causes) of a change, not follow blindly what chart coming from nowhere (meaning change today), say.
Trendhopper
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@AlienSquare, I agree, Trump has already announced he will pour cold water on this rise with a release of US oil reserves, and that the detail of how much will follow, so this market is not tradeable IMO
LC_Publio_Cornelio_Scipio
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@tntsunrise Did you close the trade?
Did you change your view?
Lionheart-EWA
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WTI will continue to go bearish, the VIX is spiking.
pring2751
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Range
pring2751
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alihussain
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@tntsunrise Dear Yesterday we make good Money on Oil what should be new entry on oil
I took profit 63 Usd
MahmudReyadh
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Sir I am your student , I learn many things about Technical Analysis from you . with due respect , i agree with you but I think the retrenchment may be 61.8 of the latest wave . thank you sir
MahmudReyadh
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@MahmudReyadh, buy the way I am not a FOREX trader _____ I just follow you to learn Technical analysis
Crypto112288
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Don't agree with the comments here. If we look at fundamental causes, oil price can go above 100. Check out the articles on investing. Good job, Jack! Fundamentals + this analysis will send this oil price to the moon.
Reason.
Before the Saudi oil fields strike, technical analysis suggested a down move (trend is bearish). Now because the strike, price break upwards (not supported by technical analysis), which suggest it will short reverse. Let's be clear, a good move supported by technical analysis is when price consolidates and is close to oversold. It was not the case.
Fundamentally, Saudi fields will recover, and we are in near economic crisis. One must consider the facts (causes) of a change, not follow blindly what chart coming from nowhere (meaning change today), say.