The Crude Oil market hit the 161% Fibonacci Extension of the April highs to lows near the $40 level. We should also note we are just slightly above the 50% retracement of the 2020 highs to lows as well. Today we left a spinning top candlestick, and tomorrow if the market is lower it will be an evening star reversal formation as well. The risk is high since the RSI is divergent and overbought. Bulls are officially on notice!
Any reviews, news, research, analysis, prices or other information contained on this website is provided as general market commentary, does not constitute investment advice and may undergo changes from time to time. Trading the Financial and Currency Markets on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as to your favor. Before entering trading Financial and Currency Markets, you should carefully consider your investment objectives, level of experience and risk appetite. There is a possibility that you could sustain a loss of some or more of your initial investment and therefore you should not invest money which you cannot afford to lose. You should be aware of all the risks associated with Financial and Currency Markets trading, and in case you have any doubt, rather seek advice from an independent financial advisor. FOREXANALYTIX LLC, its owners, employees, agents or affiliates do not give investment advice, therefore FOREXANALYTIX LLC assumes no liability for any loss or damage, including without limitation to, any loss of profit, which may be suffered directly or indirectly from use of or reliance on such information. We strongly encourage consultation with a licensed representative or financial advisor regarding any particular investment or use of any investment strategy. As part of our service we provide “Patterns in Play” (abbreviated as “P.I.P.’s”). These PiPs are derived from certain clearly defined patterns that the team members identify from their analysis. Each PiP is indicated with its corresponding theoretical entry, target and invalidation levels. Please note that these are not trade recommendations; they are simply our team’s interpretation of these patterns and their theoretical levels. Any information or material contained on this website including, but not limited to, its design, layout, look, appearance and graphics is owned by or licensed to FOREXANALYTIX LLC. Reproduction is prohibited without FOREX ANALYTIX LLC prior license in writing.
Recommended Content
Editors’ Picks
AUD/USD post moderate gains on solid US data, weak Aussie PMI
The Australian Dollar registered solid gains of 0.65% against the US Dollar on Thursday, courtesy of an upbeat market mood amid solid economic data from the United States. However, the Federal Reserve’s latest monetary policy decision is still weighing on the Greenback. The AUD/USD trades at 0.6567.
EUR/USD recovers to top end of consolidation ahead of Friday’s US NFP
EUR/USD drove back to the top end of recent consolidation on Thursday, recovering chart territory north of the 1.0700 handle as market risk appetite regains balance heading into another US Nonfarm Payrolls Friday.
Gold recoils on hawkish Fed moves, unfazed by dropping yields and softer US Dollar
Gold price clings to the $2,300 figure in the mid-North American session on Thursday amid an upbeat market sentiment, falling US Treasury yields, and a softer US Dollar. Traders are still digesting Wednesday’s Federal Reserve decision to hold rates unchanged.
Ethereum may sustain trading inside key range, ETH ETFs to be delayed until 2025
Ethereum is beginning to show signs of recovery on Thursday despite a second consecutive day of poor performance in Hong Kong's spot Ethereum ETFs. Bloomberg analyst James Seyffart has also shared that a spot Ethereum ETF may not happen in the US in 2024.
FOMC in the rear-view mirror – NFP eyed
The update from May’s FOMC rate announcement proved more dovish than expected, which naturally weighed on the US dollar (sending the DXY to lows of 105.44) and US yields, as well as, initially at least, underpinning major US equity indices.