Hello traders and welcome to our opening week breakdown...Lets cover oil in all its glory.
After Tuesday oil broke away from it's bearish correction before reaching it's target zone...I stated we must stay open to this idea and that oil could do this although it's in need of a pullback. As oil pushed higher during the week we have another bullish weekly candle and we can expect price to go higher but until there is a clear break above 87.97 then I would be open to the possibilities of those pull backs first. We had two daily DOJI candle's showing indecision at a crucial zone so price will get interesting from here.
Please don't think I am being ignorant to the bullish move as I stated oil would have a very bullish Q1 and Q2 expecting price to breach into the $90 region so we are still inline with the overall analysis. As stated before Oil will need some serious momentum and drive to breach this $87.97 region...this breach will either come from technical or fundamental data. If the breach comes from fundamental data (news, data, inflation etc) then the move will be large and parabolic but should the move come from technical data then we need to open to ideas of pull backs to obtain liquidity. The longer oil goes without a significant pull back the more volatile the drop will be when it does come.
We can see that oil has met a ranging region which it needs to break from either way...the candles show downside but Between 84.64 - 87.97 the areas are very choppy so we can't rely on candle data alone. Confirmation is needed but likely when the move comes it will be fast.
I am looking to long oil from SIGNIFICANT PULL BACKS ONLY (MANIPULATION). Set ups are available by following the signature.
After Tuesday oil broke away from it's bearish correction before reaching it's target zone...I stated we must stay open to this idea and that oil could do this although it's in need of a pullback. As oil pushed higher during the week we have another bullish weekly candle and we can expect price to go higher but until there is a clear break above 87.97 then I would be open to the possibilities of those pull backs first. We had two daily DOJI candle's showing indecision at a crucial zone so price will get interesting from here.
Please don't think I am being ignorant to the bullish move as I stated oil would have a very bullish Q1 and Q2 expecting price to breach into the $90 region so we are still inline with the overall analysis. As stated before Oil will need some serious momentum and drive to breach this $87.97 region...this breach will either come from technical or fundamental data. If the breach comes from fundamental data (news, data, inflation etc) then the move will be large and parabolic but should the move come from technical data then we need to open to ideas of pull backs to obtain liquidity. The longer oil goes without a significant pull back the more volatile the drop will be when it does come.
We can see that oil has met a ranging region which it needs to break from either way...the candles show downside but Between 84.64 - 87.97 the areas are very choppy so we can't rely on candle data alone. Confirmation is needed but likely when the move comes it will be fast.
I am looking to long oil from SIGNIFICANT PULL BACKS ONLY (MANIPULATION). Set ups are available by following the signature.
