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.
노트
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.
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면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.