Hello everyone. Crude oil dropped by more than 2% on worries of delta spread in China. It all started from an airport of Nan Jing a couple of days ago, and then the delta variant quickly spread to over 20 cities. Today, the new cases are above one hundred. It meant a sever situation as China adopt zero-tolerance policy towards the virus.
So, How the situation in...
Confluences for Trade:
- Around Resistance Line of Previous High
- Stochastic Overbought momentum
- Fundamentally, China has seem to be slowing moving towards a psychological level of 7.00.Currently, the previous high proves to provide some resistance and we can take this as a short term opportunity to short USDCNH....
Last post: June 1st. See chart .
Review: Price was starting to make new all-time highs and was looking strong.
Update: Price is still looking strong and is currently doing a pullback.
Conclusion: We need to see a breakout of the previous high before considering long trades.
Any comments or questions, do not hesitate to leave them below. Give us the thumbs...
Price is at a confluence point where 50 sma and 50% fib have meet.
Price is inbetween the 100 sma and 50 sma resting at the 100 sma
Macd did cross above the 0 levelo line which indicates bul;lish bias
If price does go long exit trade if macd crosses back below 0 level line
If macd crosses below 0 level line and Red signal line bias is bearish.
Take Profits are at...