Weekly analysis

2020년 8월 23일

Weekly analysis:
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Technical analysis: on a weekly chart we can see prices grinding upwards with a slow and steady pace. Dips are seen as buying opportunities so far and this shall continue to be the case unless the weekly candle closes under 40$ handle. We are looking to reach 49$ handle as a buy target however, if we break towards downwards and the weekly candle closes under 40$ than 35$ handle would be the next down target to achieve. At the moment we are still range bound with short term range being 41$ to 43.50$ (42.25$ being the midpoint)
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Bulls: main trend is up! If 41.75$ & 42$ acts supportive than it will continue the upward rally.
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Bears: breaking 41.33$ and further taking out 40$ would be a pretty bearish sign.
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Technical analysis: strong US dollar has led to the fall of crude on friday. If dollar continues to get stronger than crude will struggle to form higher highs.
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Recommendations will follow as and when we will see an opportunity in the market. Good luck