OSOIL WHAT NEXT ??
I still believe that usoil will be bullish due to the following reasons:
after markets have bushed price over 77.50 price had began making an impulse move to the downside with lower-highs and lower-lows keeping within the bearish channel.
this has created a bullish flag pattern indicating bullish movement is soon to come.
we also note that price has come to a support zone of 76.90 - 76.76
the RSI is still above 50% telling us we are still bullish
HOWEVER price may continue to follow this channel for a few more hours IF bearish movement continues.
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fundamentals
WEDNESDAY, JANUARY 5
13:15
USD ADP Employment Change(Dec)
14:45
USD Markit PMI Composite(Dec)
USD Markit Services PMI(Dec)
19:00
USD FOMC Minutes
-----------------------------------------------------------------------------------------------
THURSDAY, JANUARY 6
13:30
USD Goods and Services Trade Balance(Nov)
USD Initial Jobless Claims(Dec 31)
USD Initial Jobless Claims 4-week average(Dec 31)
15:00
USD Factory Orders (MoM)(Nov)
USD ISM Services Employment Index(Dec)
USD ISM Services New Orders Index(Dec)
USD ISM Services PMI(Dec)
USD ISM Services Prices Paid(Dec)
after markets have bushed price over 77.50 price had began making an impulse move to the downside with lower-highs and lower-lows keeping within the bearish channel.
this has created a bullish flag pattern indicating bullish movement is soon to come.
we also note that price has come to a support zone of 76.90 - 76.76
the RSI is still above 50% telling us we are still bullish
HOWEVER price may continue to follow this channel for a few more hours IF bearish movement continues.
-----------------------------------------------------------------------------------------------
fundamentals
WEDNESDAY, JANUARY 5
13:15
USD ADP Employment Change(Dec)
14:45
USD Markit PMI Composite(Dec)
USD Markit Services PMI(Dec)
19:00
USD FOMC Minutes
-----------------------------------------------------------------------------------------------
THURSDAY, JANUARY 6
13:30
USD Goods and Services Trade Balance(Nov)
USD Initial Jobless Claims(Dec 31)
USD Initial Jobless Claims 4-week average(Dec 31)
15:00
USD Factory Orders (MoM)(Nov)
USD ISM Services Employment Index(Dec)
USD ISM Services New Orders Index(Dec)
USD ISM Services PMI(Dec)
USD ISM Services Prices Paid(Dec)
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