Usoilprediction
Crude: Time to Close the Long Position! Expected to Fall
Oil had a very nice rally (30%) since November, also the OPEC+ decision of cutting supply of 2M barrels/day has pushed the prices to $60 level.
From April the Saudi is planning to increase the crude oil production to 12.3M Barrels/Day. The Increased supply, reduced demand from China, Oil entering in to the strong technical resistance area etc. factors expect to contribute to pushing the OIL prices down to $54’ish area in the coming weeks!
USOIL MARKET BREAKDOWNHere I breakdown the trade I took and the overall market structure. You can also see what I think is next to come for the pair.
Please leave a like, comment and follow the page for more videos and trades.
Area of interest: $60-$61
Trade execution level: $60.60
Overall bias: Short
USOIL - Far level retest.The price is returned for the retest level the previous touch of the level more than 1 year ago. Moreover, a strict number of false breakdowns.
Push like if you think this is a useful idea!
Before to trade my ideas make your own analysis.
Write your comments and questions here!
Thanks for your support!
US OIL is now BearishThis has been very steadily grinding downwards and is now entering a Bearish environment again. I think this will reject off the lower trendline that it broke yesterday, it is just below this now. From here I have set 3 targets for TP that can either be held or swing traded. If this does reject the trendline mentioned the SL can be just above this. I do think this could drop even further as indicated by the Fibonacci at 0.382 ($46.19) but it is very risky to hold a short and expect it to reach there.