USOIL - WEEK 8
WTIUSD - WEEK7.
We have began to see some bearishness in oil now and it's causing issues within the market. Oil is more fundamentally driven rather than technically driven at the moment which is why we are seeing impulsive spikes on the charts. Oil has triggered a bearish channel in its overall bullish trend. Oil dropped today which was projected and made a new LL in the channel but this is now a confirmed LH in the over all trend. The candles show direction and it's very clear the bearish candles are much more aggressive than the bullish ones showing bears in control.
Oil has broken a wedge within the channel and looks to be heading up, I potentially will be shorting Oil should the correct set up present itself. I will be looking to see how the candles react with the trendline before I make any trades. The swing high now lies at the major line of 94.50-60 and this is where we will either turn bullish or bearish. I expect price to creep back into this region but I will wait for confirmation before entering anything as I expect some wild moves and fake outs.
Iran look as though they could be coming back into the market to dump a lot of their oil which would cause a mass sell off, in reality there is going to be a peace deal with Russia but inflation still remains a problem. Due to conflicting fundamentals and technicals I have no bias in oil right now. I am leaning towards bearish in the medium to long term but we need the media to stop scare mongering first.
Oil can go in any direction from here and when trading it you need to be willing to accept that should it go against you. I will be waiting for confirmation and upon a new HL made I will short.
Above 94.50-60 = BULLISH
Below 94.50-60 = BEARISH
We have began to see some bearishness in oil now and it's causing issues within the market. Oil is more fundamentally driven rather than technically driven at the moment which is why we are seeing impulsive spikes on the charts. Oil has triggered a bearish channel in its overall bullish trend. Oil dropped today which was projected and made a new LL in the channel but this is now a confirmed LH in the over all trend. The candles show direction and it's very clear the bearish candles are much more aggressive than the bullish ones showing bears in control.
Oil has broken a wedge within the channel and looks to be heading up, I potentially will be shorting Oil should the correct set up present itself. I will be looking to see how the candles react with the trendline before I make any trades. The swing high now lies at the major line of 94.50-60 and this is where we will either turn bullish or bearish. I expect price to creep back into this region but I will wait for confirmation before entering anything as I expect some wild moves and fake outs.
Iran look as though they could be coming back into the market to dump a lot of their oil which would cause a mass sell off, in reality there is going to be a peace deal with Russia but inflation still remains a problem. Due to conflicting fundamentals and technicals I have no bias in oil right now. I am leaning towards bearish in the medium to long term but we need the media to stop scare mongering first.
Oil can go in any direction from here and when trading it you need to be willing to accept that should it go against you. I will be waiting for confirmation and upon a new HL made I will short.
Above 94.50-60 = BULLISH
Below 94.50-60 = BEARISH
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