sell of in oil today, exhaustion to higher timeframe uptrend?
The past two days we have seen a sell off in oil and exhaustion to major levels, we know that crude oil will also affect the price of the CAD so we have also seen weakness in that currency also. on the higher timeframe you can see that we have a weekly uptrend and i have highlighted what happened last time price reached this level. what we are going to wait for is a full and complete exhaustion and price action and entry confirmation that buyers are coming back in with a bullish candle on the daily timeframe. this will take some patience but being a trader most of the time is being able to sit on your hands.
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