ridethepig | Oil Entering into Resistance
Updated
📌 Oil - Election Positioning Map
ridethepig
Here we are approaching the strong 41.5x resistance, the same levels we have been tracking since calling an end to the v shapers rebound. OPEC now has the difficult task of provoking price into action, any manoeuvres on the supply side will not be able to offset the demand shock from further restrictions and lockdowns entering back into play. For those who remember the pre-covid chart, we are in a very similar environment:
For sellers here and now, the 41.5x represents a certain chance of setting up fresh shorts and attacking both the centre and the low in our map. It should be clear that we are in a dead cat bounce still from the initial knee jerk reaction flow. Expecting a test of the lows and $30 extensions before building a more solid basing formation. An extremely instructive example of how we can find openings in the chaos.
ridethepig
Here we are approaching the strong 41.5x resistance, the same levels we have been tracking since calling an end to the v shapers rebound. OPEC now has the difficult task of provoking price into action, any manoeuvres on the supply side will not be able to offset the demand shock from further restrictions and lockdowns entering back into play. For those who remember the pre-covid chart, we are in a very similar environment:
For sellers here and now, the 41.5x represents a certain chance of setting up fresh shorts and attacking both the centre and the low in our map. It should be clear that we are in a dead cat bounce still from the initial knee jerk reaction flow. Expecting a test of the lows and $30 extensions before building a more solid basing formation. An extremely instructive example of how we can find openings in the chaos.
Trade closed: target reached
First targets cleared ✅Note
USDCAD also moving...
Trade closed: target reached
TP2 hit! ✅
Related publications
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.