RiosTrades

USOIL MARKET BREAKDOWN

TVC:USOIL   CFDs on WTI Crude Oil
Price Action ( Technical Analysis ):
(4H Time Frame) Following up our Mark Up phase completing at a key level of resistance, price is consolidating, as price is not breaking higher highs after 3 Impulsive Waves. We tend to anticipate a Seller momentum breakout as price is accumulating right above our Golden Fibonacci Level giving us more reason to anticipate a bearish breakout.
(Daily Time Frame): We are in a Bullish Market which overrules our lower time frame analysis, daily support is our bullish 61.8% retracement , Price breaking below that level of support would've indicated a break in trend but because price respected it, bullish momentum increased massively. I'd like to see price either break and close above 66.07 or price retest 58.75 one more time to continue Long (Price is above 200 Day EMA , Bullish confirmation). If price breaks below support level , i'll expect a retest before going Short. Following our RSI indication we are close to an oversold market.

Fundamental Analysis: Reason why price is consolidating at a very key level, giving us reason to go either way is because we are in a very intense week with G20 Nations, bringing uncertainty to the market. The US-CHN deal is also spoken about throughout key investors, Investors/Traders tend to Sell in uncertainty. To soon to call which way USOIL will go, be cautious of any headlines being released. We have high volatility where price is rallied, we can expect the breakout of either or to be big, until then I anticipate USOIL to progress very slowly.
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