Crude Oil Trading Analysis

 

@Colibritrader

 

Dear traders,

A lot has been buzzed about oil recently. I decided to give my 2 cents and read the charts through my eyes.

Crude Oil Trading Analysis

As you can see from the screenshot, it looks like Crude Oil might be getting ready for a breather.

The daily  chart is showing a minor resistance level, which has been rejected and now price is flirting with the 68.00-level.

It looks like the price action is also confirming this bearish stance. There was a bullish rejection candle or a pinbar three sessions ago.

Today’s daily candle is a bearish engulfing. As you all know that bodes for more pessimism amongst the traders.

I am looking at the 4 hour charts currently. I would like to see price retracing a bit higher towards 68.50 before making up my mind if I want to take a short trade or not.

It looks like the closest support level is at the level of 66.00. If price manages to break through this level, I will be looking at the next support zone at 58.00-60.00

Last Trading Analysis Article

Last time I walked you along two potential trades– GBPCAD and AUDJPY. So far, they look unchanged, but I will keep on monitoring. In fact, GBPCAD is already in green territory.

I personally, do not have any open positions in either one.

Happy Trading,

Colibri Trader

 

p.s.

Check out my article on Trading with Ichimoku

or if you want to learn more about my trading strategy step-by-step, you can enrol in my trading course