My favourite topic of the recent posts is attractive to me because it's not straightforward (if anything is easy in forex). As noted in earlier posts, the price has reached confluence of 161.8 fibo extensions from two major downward oil moves at the phycologically and economically imprortant 30 usd level. In confirmation of the importance of the above statement the price gapped up today thruogh the newly establidhed resistance. It happened despite new player coming to the oil supply market.
For traders it's important to keep in mind that large price moves do not reverse instentaneously. However, short term bounces might be significant. For the next week we might expect the price to retrace to 34.6 or further to 38 price marks. The exact price of entry could be decided upon based on the candlesticks formations which will form in the next few days. Todays' action does not favour long poitions yet.
Nearest Resistance levels: 32.29, 34.68, 36.48
Nearest Support levels: 30.06, 29.24, 28.6,
28
For traders it's important to keep in mind that large price moves do not reverse instentaneously. However, short term bounces might be significant. For the next week we might expect the price to retrace to 34.6 or further to 38 price marks. The exact price of entry could be decided upon based on the candlesticks formations which will form in the next few days. Todays' action does not favour long poitions yet.
Nearest Resistance levels: 32.29, 34.68, 36.48
Nearest Support levels: 30.06, 29.24, 28.6,
28 