If the US stock markets will resume their falls it will likely to affect oil prices to trade down as well. I still think that oil prices fell too sharply too soon. In the near future WTI will settle around $85-$90 mark
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If the US stock markets will resume their falls it will likely to affect oil prices to trade down as well. I still think that oil prices fell too sharply too soon. In the near future WTI will settle around $85-$90 mark
Crude prices decoupled from equity markets yesterday, pulling back from resistance the 23.6% Fibonacci retracement level ($85.83) to form a bearish Dark Cloud Cover candlestick pattern – hinting more losses are ahead – even as the S&P 500 pushed higher.
If a M15 close above 88 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 86 sell only and do not buy. If price closes back above it again do nothing
The range 85 and 86 is neutral area, any trade done in between is personal decision and not part of this analysis
initial support is $85.59 at the 38.2% Fib, while a break above current resistance exposes 50% retracement of the decline from the drop from the August 27 swing high at $88.15.
Such an outcome would naturally bode well for crude, with prices bolstered along with the spectrum of growth-sensitive assets by the prospect of added support for the sagging economic recovery.
It is more likely to go down to around 81 or lower, and after that, it might have potentially to go up to around 87 and 90
If a M15 close above 88 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 86 sell only and do not buy. If price closes back above it again do nothing
The range 85 and 86 is neutral area, any trade done in between is personal decision and not part of this analysis
The recent rally in the stock market might continue to pull up oil prices. In the near future, I still think that WTI price will remain around $85-$90 mark
If a M15 close above 87 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 85 sell only and do not buy. If price closes back above it again do nothing
The range 87 and 85 is neutral area, any trade done in between is personal decision and not part of this analysis
we can notice from the chart that the pair has closed it's daily candle under 88 , that's mean the down trend is expected and the pair might head to 91 then 93 , however the pair made a hourly correction