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Analysis of #USOIL
Hello friends,
I had a recent post on oil where I explained why I believe the prices are very high and I mentioned the market could move higher before it drops again, which usually the sharks in this market like to make the illusion the market is going up before the shuck everyone with immense selling, I will leave the link for you to check out.
now, what I see?
now the trend is broken, and here is why?
we have a broken swing high we have broken trendline support on the short-term time frame.
>>>the market clearly at support now and trying to hold on and close above $59.00 and if things change this week market could rally up from here maybe the last attempt to test $60.00.
>>>On the other hand, a clear close below this level will open the door for $57.40 and might start the bearish movement toward $54.00.
For me guys, I will certainly not look for a buy as I see the oil as very expensive now, and I think I was clear I am looking to sell if we close below the levels mentioned above.
Oil could very volatile and suitable for every trader of course, the market could do either of those setups and may just continue higher from here
let me know in the comment what pair you want to see the analysis for in my next free analysis
Safe trading everyone
Check today analysis below⠀
_____________________________________________________________________________⠀ -disclaimer: this information is not a recommendation to buy or sell. It is to be used for educational purposes only⠀ -⚠ please note this is just a prediction and i have no reason to act on it and neither should you
DUDE stop using retail daytrading patterns in these HUGE macro trades. They are not going to work. The direction will be what the macro traders choose, and that is long oil.
jimjenkins80
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It’s making a head and shoulders pattern
DACapitalTrading
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Very detailed, thanks!
Doji22
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I really like your analysis, thank you for sharing it. I went short on Friday 2/19 and added to it mid morning today 2/22. Time will tell if we are right :)
jojofang0901
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great breakdown and analysis on this one, looking for bearish confirmation