Crude Oil Trading Analysis
|As you can see from the screenshot, it looks like Crude Oil might be getting ready for a breather.
The daily chart is showing a minor resistance level, which has been rejected and now price is flirting with the 68.00-level.
It looks like the price action is also confirming this bearish stance. There was a bullish rejection candle or a pinbar three sessions ago.
Today’s daily candle is a bearish engulfing. As you all know that bodes for more pessimism amongst the traders.
I am looking at the 4 hour charts currently. I would like to see price retracing a bit higher towards 68.50 before making up my mind if I want to take a short trade or not.
It looks like the closest support level is at the level of 66.00. If price manages to break through this level, I will be looking at the next support zone at 58.00-60.00
Last Trading Analysis Article
Last time I walked you along two potential trades– GBPCAD and AUDJPY. So far, they look unchanged, but I will keep on monitoring. In fact, GBPCAD is already in green territory.
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