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.
Nota
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.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.