The Bulls were not able to break through the 0.500 - 0.618 resistance zone today. Based on the analysis, there may be steam left to push towards 2800-2850 before a market sell off.
Lots of uncertainty surrounding the OPEC meetings / production cuts going into the weekend could be a main driver for investors to take profits and limit long exposure over the Easter weekend. US Shale is making massive moves to cut costs, regardless of the OPEC+ meeting, it looks plenty of US jobs have / will be lost in O&G.
I am also watching RSI based on a two period divergence (RSI 5 & 14).
This is not trading advice and should only be viewed for educational purposes.
Lots of uncertainty surrounding the OPEC meetings / production cuts going into the weekend could be a main driver for investors to take profits and limit long exposure over the Easter weekend. US Shale is making massive moves to cut costs, regardless of the OPEC+ meeting, it looks plenty of US jobs have / will be lost in O&G.
I am also watching RSI based on a two period divergence (RSI 5 & 14).
This is not trading advice and should only be viewed for educational purposes.
Comment:
The FED is bear hunting with a temporary LBO of the economy. Continuing to inflate the bull bubble. Let's see the direction oil shakes out.