Hey! So we are currently facing some major resistance on the monthly time frame, so do expect some kind of rejection or some response to that level.
Previously this was a super strong level which caused a lot of reaction from it! On lower time frames (Daily & 4HR) we can see a triangle form.
For some this is a sign of bullishness, but wait! This triangle is basically some trend-lines and doesn't have to break to the upside because others say so or
this has worked before.
My advice is waiting on lower time frames how price breaks one of your trend lines, if it breaks to the upside keep in mind you got some major resistance you're facing.
Personally what i recommend in this kind of situation is to sit on your hands and let the market do what it does. When you get a break of the resistance, wait for the retest & rejection before entering.
If the market melts to the downside, also wait til it breaks a significant level and retest it and rejects it! OIL is very volatile, you can win a lot of money but you you also lose a lot of money!
My personal take on OIL: I'm seeing a lot of weakness on CAD (COT REPORTS) and many of us know CAD correlates well with USOIL, so i am expecting some melting to the downside.
I'll be waiting before entering until i have a CLEAR overview of what is happening! My bias is short.
Leave a like on this post & let me know what you think! Love to hear other opinions!
P.S I'm not a financial advisor, so take my advice/opinion with a grain of salt!
Previously this was a super strong level which caused a lot of reaction from it! On lower time frames (Daily & 4HR) we can see a triangle form.
For some this is a sign of bullishness, but wait! This triangle is basically some trend-lines and doesn't have to break to the upside because others say so or
this has worked before.
My advice is waiting on lower time frames how price breaks one of your trend lines, if it breaks to the upside keep in mind you got some major resistance you're facing.
Personally what i recommend in this kind of situation is to sit on your hands and let the market do what it does. When you get a break of the resistance, wait for the retest & rejection before entering.
If the market melts to the downside, also wait til it breaks a significant level and retest it and rejects it! OIL is very volatile, you can win a lot of money but you you also lose a lot of money!
My personal take on OIL: I'm seeing a lot of weakness on CAD (COT REPORTS) and many of us know CAD correlates well with USOIL, so i am expecting some melting to the downside.
I'll be waiting before entering until i have a CLEAR overview of what is happening! My bias is short.
Leave a like on this post & let me know what you think! Love to hear other opinions!
P.S I'm not a financial advisor, so take my advice/opinion with a grain of salt!