US Oil Analysis:
Fundamental Analysis:
1) Major bearish USD news with the Federal Funds Rate cut this week, potentially driving commodities up.
Technical Analysis:
1) Higher lows are being made.
2) Price is ranging in a consolidation price zone but price is reaching higher within the zone. Possible fake out though! Waiting on retest outside of the ranging zone.
3) Price is approaching a daily resistance in the zone.
4) Fibonacci level above the previous daily bearish engulfing (yellow ellipses) is about 50% so we need price to break above it and retest on the 1 hour time frame.
3) One major bearish engulfing from a few days ago stands out so waiting for price to break and retest then touch the previous major high from July 15, 2019.
Disclaimer - This is not a trade signal. I'm a novice trader. Just analysis.
Fundamental Analysis:
1) Major bearish USD news with the Federal Funds Rate cut this week, potentially driving commodities up.
Technical Analysis:
1) Higher lows are being made.
2) Price is ranging in a consolidation price zone but price is reaching higher within the zone. Possible fake out though! Waiting on retest outside of the ranging zone.
3) Price is approaching a daily resistance in the zone.
4) Fibonacci level above the previous daily bearish engulfing (yellow ellipses) is about 50% so we need price to break above it and retest on the 1 hour time frame.
3) One major bearish engulfing from a few days ago stands out so waiting for price to break and retest then touch the previous major high from July 15, 2019.
Disclaimer - This is not a trade signal. I'm a novice trader. Just analysis.
Note
Managed approximately half the trade here (1400 pips) before FOMC came out. Price is not looking bearish and may come down to previous support or continue to form a right shoulder though I'm not much a formation trader with oil besides double tops and bottoms.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.