My preference : We will Look for a price action pattern to appear in buy zone on a lower time frame next week before taking entry in the market.
1 - If price reverse before touching the demand zone then we will wait for the market to break 37.80 to enter.
2 - If price breaks below the demand zone and we don't see any sign of...
Price is currently in a good BUY zone, this area has previously been used as strong resistance which has now turned into support, so i am expecting bulls to step back in and push price higher from here. If you do take a trade from this you can keep a tight stop loss because if price did break such a strong support then it has the potential to fall some way.
Looking for some sell off bearish rejection here in the zone highlighted.
Lets see if we can get going with this one and see some nice signs before entering. Targets being at $30 and if broken all the way down to $17.
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We had big move to the upside, however, it is going to create corrective structure. Expecting $8-10 price drop before we take another long shot.
Hope you benefited trading both side.
It's not a trading call just an idea how the market would move.
USOIL / WTI - Update.
Created an equal high today after pushing higher. Then following on with a push down.
Need to see a pullback to the areas highlighted if we can and see it rejecting strongly we can look to sell OIL.
For now be patient and await some more signs.
IF we do not reject after a pullback and keep pushing higher we may be in for OIL coming in...