USOIL (16/03/22) - Interpretations
1. The prices respected the levels mentioned in yesterday's post during trading hours. Short traders were active and perform fast investments at low volumes with minor profits per barrel.
2. Prices kept most of the day fluctuating with good support against more depreciation inside the testing area of major support (green) zone above 93.5x and below 96.6x.
3. Short traders as bulls succeeded in the middle of the day to exit the testing zone and breaking the resistance due EMA20 before retracing back from the bottom level of major (red) resistant zone due to EMA50 below 98.9x. This is normal because all traders were watching the Fed decisions as well as short traders nature to fast hit and run. The RSI indicator clearly explains this performance.
4. Again the prices will repeat the same daily race that they have to exist the testing zone, penetrating EMA20 and EMA50 then continue their way upwards inside the resistant (red) zone.
5. While the more downtrend of prices means that prices will gradually passes through the $91.00 station and end around 84.2x.
6. At the moment, prices receive good support @ 93.5x and resistant below 98.9x.
Tools used for analysis were Fib pattern, chart double top pattern, RSI indicator, BB indicator, and MA ribbon indicator.
2. Prices kept most of the day fluctuating with good support against more depreciation inside the testing area of major support (green) zone above 93.5x and below 96.6x.
3. Short traders as bulls succeeded in the middle of the day to exit the testing zone and breaking the resistance due EMA20 before retracing back from the bottom level of major (red) resistant zone due to EMA50 below 98.9x. This is normal because all traders were watching the Fed decisions as well as short traders nature to fast hit and run. The RSI indicator clearly explains this performance.
4. Again the prices will repeat the same daily race that they have to exist the testing zone, penetrating EMA20 and EMA50 then continue their way upwards inside the resistant (red) zone.
5. While the more downtrend of prices means that prices will gradually passes through the $91.00 station and end around 84.2x.
6. At the moment, prices receive good support @ 93.5x and resistant below 98.9x.
Tools used for analysis were Fib pattern, chart double top pattern, RSI indicator, BB indicator, and MA ribbon indicator.
Penafian
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