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.
This material is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results.
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