As we inspect oil prices after last weeks strong USD forcing Oil to come down in price as well as some news effecting this too.
gotta few key levels after using a fresh Fibonacci retracement on the previously formed lows from last week
for the bulls we really want to see Oil come up and close above $68.6 with support from the 0.386fib level, this could push up if the DXY/USD starts showing weakness after its recent rise and targeting $73+ as an exit price, we see a trendline possibly stopping any further increases
on the bears side, i feel the price needs to fake out on going above the fib levels and showing clear resistance on price, if it falls under $67 and cannot get up over these levels then its possible especially with a strong US dollar forcing oils price downwards breaking the trend lines to possible bottoms of $58-$56 to eye up targets on a short position....
any Q's please contact BTFD group in Telegram below
gotta few key levels after using a fresh Fibonacci retracement on the previously formed lows from last week
for the bulls we really want to see Oil come up and close above $68.6 with support from the 0.386fib level, this could push up if the DXY/USD starts showing weakness after its recent rise and targeting $73+ as an exit price, we see a trendline possibly stopping any further increases
on the bears side, i feel the price needs to fake out on going above the fib levels and showing clear resistance on price, if it falls under $67 and cannot get up over these levels then its possible especially with a strong US dollar forcing oils price downwards breaking the trend lines to possible bottoms of $58-$56 to eye up targets on a short position....
any Q's please contact BTFD group in Telegram below
Trade active
closer lookwaiting for a close above or below
Note
crude oil inventories today at 3:30pm GMT +1 (40 minutes from this post)few things playing with price
IRAN deal
US/China trade war
potential drop in US crude oil
Trade active
broke up resistance and looking for it to close above, pullback to the fib level 0.382 for best entry around $66/67
TP $73 & $76
if price breaks lower than that fib 0.382 level, watch for a close below and acting as support for a push higher
Trade closed: target reached
totally smashed it with this tradecongratz guys, welcome to solid profits
if still in trade raise up stops, im not sure how much it will go past 76
Note
Note
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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.