Oil has recently returned to its lows due to a glut in the market supply evident from the increase in baker Oil Rigs from the US and the continued production from Nigeria, Iran and remaining gulf states.
However, this pair is quite oversold and I expect a small correction to occur today towards the trendline/weekly pivot. If structure is to be obeyed, then I would expect it not to break the lower highs and therefore a move to 44.1-44.2 seems reasonable.
For more information, either follow me on here, @evanthebanana on twitter or at ejfxtrading.com
However, this pair is quite oversold and I expect a small correction to occur today towards the trendline/weekly pivot. If structure is to be obeyed, then I would expect it not to break the lower highs and therefore a move to 44.1-44.2 seems reasonable.
For more information, either follow me on here, @evanthebanana on twitter or at ejfxtrading.com
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.