Oil prices jumped almost 20 percent at the week’s open after the weekend drone attacks on Saudi production facilities that halved the country’s output. Brent oil reached 68.00 dollar area. We might see a small correction movement before the 68.50 resistance break. 65.30 - 65.00 zone will try to hold downside price movement.
That's where I will definitely sell.
Meanwhile, my idea with USDNOK short was perfect. On Friday I wanted to long Oil, but decided not to leave a position for a weekend )) anyway, now the structure seems to be more clear, and I will buy the fifth wave if proper PA and structures will appear.
Have a nice trading week!
I had a friend who said to me as soon as I said I have a Long position on an airline stock CFD, would I short sell that stock CFD if, god forbid, something bad happens to that airline? It made me sick to think about it. If there were accidents happened and there were ways that me as a currency/stock CFD trader, able to take advantage of it i.e short or long the...
This weekend, YEMENI REBELS have taken credit for a MAJOR DRONE STRIKE on Saudi Oil production, affecting their total output by HALF and therefore decreasing global supply by 2.5%.
Shortly thereafter, American officials turned to IRAN to place blame. The American government has been pining for this conflict for a very long time. With any luck,...
Price closed above the Monday high/Weekly high and there was a slight bearish reaction. I am biased on the bearish side because the P3 activation. I, however looking for the price to make another push and test yesterday's high and if it could reach the last month's high (green line) and take out the liquidity pool sitting above yesterday's high and the monthly...
Brent Crude Oil looks likely to break out of the trendline resistance as the risk-on sentiment remains.
Technically price is working within a channel and if price closes above confirming the breakout the sentiment
on oil will likely change. The USD weakness will help oil find higher prices so keep an eye on the USD Index.
We already broke falling channel formation and it's an important bullish sign for the market. As long as we stay above the 62.50 level price might aim higher resistances. 68.00 - 68.50 zone will be carefully watched in the case of strong impulsive movement.