From the Technical views:
1. From the weekly point of view, we can see that the price is moving to the upside without any proper retracement, we can expect a deeper retracement soon since the market always moves in the waves form instead of the straight form.
2. From the daily perspectives, the price just bounces from the new support area and moving back inside the rising wedge pattern, unless the price will break below both pattern, we cannot be looking for any short opportunity.
From the Institutional's views:
1. Overall bearish bias on the longer-term of view.
2. In the new data, more long and short were closed, 5.6k of the longs were closed and 2.4k of the shorts were closed, this implied that they are just profit-taking on the US OIL and haven't start to accumulate their short position on the US OIL.
How to approach US OIL?
1. Only the price will able to break below both the rising wedge and new structure area, then we only can look for the short opportunity in the lower timeframe. Otherwise, the price can continue to move to the upside.
2. Sell at the moment is not a good idea, because overall is still bullish on the lower timeframe.
3. As long as the price keeps moving inside the wedge pattern, I don't have any interest to long or short on this pair.
The result might not follow my analysis, this analysis is based on TA and COT perspectives.
Comment down below let me know your view on US OIL
1. From the weekly point of view, we can see that the price is moving to the upside without any proper retracement, we can expect a deeper retracement soon since the market always moves in the waves form instead of the straight form.
2. From the daily perspectives, the price just bounces from the new support area and moving back inside the rising wedge pattern, unless the price will break below both pattern, we cannot be looking for any short opportunity.
From the Institutional's views:
1. Overall bearish bias on the longer-term of view.
2. In the new data, more long and short were closed, 5.6k of the longs were closed and 2.4k of the shorts were closed, this implied that they are just profit-taking on the US OIL and haven't start to accumulate their short position on the US OIL.
How to approach US OIL?
1. Only the price will able to break below both the rising wedge and new structure area, then we only can look for the short opportunity in the lower timeframe. Otherwise, the price can continue to move to the upside.
2. Sell at the moment is not a good idea, because overall is still bullish on the lower timeframe.
3. As long as the price keeps moving inside the wedge pattern, I don't have any interest to long or short on this pair.
The result might not follow my analysis, this analysis is based on TA and COT perspectives.
Comment down below let me know your view on US OIL