Oil has been making monster moves. It has been recovering well, since September 18, highs of 75 taken out to 43 and now it looks like the main retracement happened this year into April high of 64, also taken out recently to 51.
Thus, I think the minor retracement to previous support now resistance is in effect for the current price, and high odds that bears might actually be in control…
There’s a loss of bullish momentum with divergence on 2H.
All in all I don’t see a future in OIL ( you see states run by oil money, like Saudi, making investments into alternative energies for no reason? ) \u2028WITH that being said, I wouldn’t rule out on erratic moves with this pair, with the OPEC giants spearheading it’s price I don’t reckon that these states oil will want their monetary source devalued as much as it can be..
SCENARIO:
TRADE NOT ACTIVE
Look for a bearish pin bar/rejection at resistance level on daily time compression. Could be a bearish rotation
Price failing to close above previous high
SL: 61.182
TP1: 57.7276
TP2: OPEN
TARGET: min 250 pips
ESTIMATED TIME: 4 days
Do you agree? Let's discuss :D
Goodluck
IDEA IS SOLEY FOR EDUCATION AND RECORD KEEPING (USE AT OWN DISCRETION)
Thus, I think the minor retracement to previous support now resistance is in effect for the current price, and high odds that bears might actually be in control…
There’s a loss of bullish momentum with divergence on 2H.
All in all I don’t see a future in OIL ( you see states run by oil money, like Saudi, making investments into alternative energies for no reason? ) \u2028WITH that being said, I wouldn’t rule out on erratic moves with this pair, with the OPEC giants spearheading it’s price I don’t reckon that these states oil will want their monetary source devalued as much as it can be..
SCENARIO:
TRADE NOT ACTIVE
Look for a bearish pin bar/rejection at resistance level on daily time compression. Could be a bearish rotation
Price failing to close above previous high
SL: 61.182
TP1: 57.7276
TP2: OPEN
TARGET: min 250 pips
ESTIMATED TIME: 4 days
Do you agree? Let's discuss :D
Goodluck
IDEA IS SOLEY FOR EDUCATION AND RECORD KEEPING (USE AT OWN DISCRETION)
Currently retesting 57.726 level, if you have any running trades move SL to BE and let profit run if you'd like. Otherwise, TP was SMASHED