USOIL(WTI) Midweek Forecast 8/10/22
Adding this instrument to the forecast List.
This analysis is a bit aggressive since I am looking for Oil to keep shorting in the market during today's NY session or earlier next week. There is an area that I am highly interested in since it will meet a lot of technical setups, moreover for traders who trade based on support and resistance. Currently, we can see that price is correctively retracing 50% of the recent bearish impulse.
Signs for Reanalysis: If price action goes beyond 101.000, then this chart needs to be reanalyzed.
Quick Tip: As a trader you must analyze and reanalyze since the story of an instrument can change at any given period.
This analysis is a bit aggressive since I am looking for Oil to keep shorting in the market during today's NY session or earlier next week. There is an area that I am highly interested in since it will meet a lot of technical setups, moreover for traders who trade based on support and resistance. Currently, we can see that price is correctively retracing 50% of the recent bearish impulse.
Signs for Reanalysis: If price action goes beyond 101.000, then this chart needs to be reanalyzed.
Quick Tip: As a trader you must analyze and reanalyze since the story of an instrument can change at any given period.
Comment:
This analysis is now invalid