Wedge shape triangle is forming here. Looks like in consolidation mode at the moment. Lower highs are obvious, but not lower lows. Price seemed to be well supported at around 0.570 area.
Economic sentiment is not fantastic, investor confidence is recovering from the oil crash late april.
Will need to observe a few more candles to see if more lower lows will be formed. If it doesnt, it will be good.
Economic sentiment is not fantastic, investor confidence is recovering from the oil crash late april.
Will need to observe a few more candles to see if more lower lows will be formed. If it doesnt, it will be good.
Comment:
Oil & Gas investments continued to be weak with oil price sliding below USD40. Today it had slipped below our support line. Personally, i will cut loss or stay out. The O&G sector will remain volatile in the near future. Perhaps re-look or re-enter only when sentiment is back or beginning to come back and when there is a trend reversal .