Simple technical and price action analysis.
The current resistance level of 82USD, was tested and has hold many times in the last month, but as you can see now, the price is having difficulties on rejecting from that level.
On daily TF, you can see how clear the price rejected every time, and now, the buy candle are pretty aggressive.
On4H TF, you can see a buy candle with a big wick, which means that sellers where trapped at that level, and the buyers took control.
What happens now, is that at this level, 82USD, institutions know that traders like me and you, we are going to sell the obvious, at the resistance area.
This means that if these institutions needs liquidity to enter long, they are going to have plenty of it.
We need patience and see how the price will develop on Monday, and wait for a H4 candle to close above 82 level before taking any decision.
Don't Stumble Trading. Trade Safe!
The current resistance level of 82USD, was tested and has hold many times in the last month, but as you can see now, the price is having difficulties on rejecting from that level.
On daily TF, you can see how clear the price rejected every time, and now, the buy candle are pretty aggressive.
On4H TF, you can see a buy candle with a big wick, which means that sellers where trapped at that level, and the buyers took control.
What happens now, is that at this level, 82USD, institutions know that traders like me and you, we are going to sell the obvious, at the resistance area.
This means that if these institutions needs liquidity to enter long, they are going to have plenty of it.
We need patience and see how the price will develop on Monday, and wait for a H4 candle to close above 82 level before taking any decision.
Don't Stumble Trading. Trade Safe!