Oil prices should offer some nice opportunities to create some green days in the near future. Calling the bottom is difficult however, it should be a fairly safe trade once it closes above the macro fib level, 50/200 Day EMA, and this down trend line. Clearing these levels could mean that Bill Gates will have a vaccine for us soon or the Dollar Index is falling into the abyss.
The Macro Fibs.
Prices continue to coil up around these levels and act as check points in the trend.
The DXY.
On the macro level it appears it's only a matter of time before the Dollar breaks below it's first fib extension target. Should this happen, you do not want to be short oil.
A Closer Look.
The OBV is showing that selling pressure taking control and now that prices broke out of the uptrend and failed to retest, it looks like traders might look to test this pink trend line once again and could offer another buying opportunity.
My last post, linked below, we can see that this pink trend line offered a perfect buying opportunity. If it get's there again I'll look for a bounce to take advantage of.
The Macro Fibs.
Prices continue to coil up around these levels and act as check points in the trend.
The DXY.
On the macro level it appears it's only a matter of time before the Dollar breaks below it's first fib extension target. Should this happen, you do not want to be short oil.
A Closer Look.
The OBV is showing that selling pressure taking control and now that prices broke out of the uptrend and failed to retest, it looks like traders might look to test this pink trend line once again and could offer another buying opportunity.
My last post, linked below, we can see that this pink trend line offered a perfect buying opportunity. If it get's there again I'll look for a bounce to take advantage of.
