Dead Oil
Wow Wow.... oil has been rallying downwards since the last week of August... dropping from 70-69 levels to 64.8 today! we are already at -12% since last Tuesday.
As per the graph u can clearly see that we have dropped from 68.3 till 64.8 one way ticket, breaking every single support!
64.8 December 2021 low was hit today which makes it promising for bulls.... we have reached 64.2-64.8 a very strong area that oil would need to hold for some upward move.
I would suggest staying on the sidelines until Supp/Resist is reached.... Please remember "the trend is ur friend!".
Hint: below are two scenarios I am expecting to take place.... I would go for the scenario where oil drops.. tests support and bounces again! (GREEN ARROW)
Trade safe and green peeps! Amen.
As per the graph u can clearly see that we have dropped from 68.3 till 64.8 one way ticket, breaking every single support!
64.8 December 2021 low was hit today which makes it promising for bulls.... we have reached 64.2-64.8 a very strong area that oil would need to hold for some upward move.
I would suggest staying on the sidelines until Supp/Resist is reached.... Please remember "the trend is ur friend!".
Hint: below are two scenarios I am expecting to take place.... I would go for the scenario where oil drops.. tests support and bounces again! (GREEN ARROW)
Trade safe and green peeps! Amen.
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