OPEC shook the OIL market this week. Condolences for all the bulls who took a long trade Monday. I, too got a long bias since Monday for a short term up movement and at the same time a long term bearish outlook because of the fundamentals. Oh boy was I wrong after reading the OPEC news. That's why it's important to be conservative and always let the candles tell the story as the market fluctuates. Here are my analysis at this moment:
Technicals
→ We confirmed a breakout from a trading range we sat on for days/weeks.
→ We came at a key zone where we bounce.
→ We had 5 days red/bearish with some strong candles. The market needed a retracement.
→ We have a lot of liquidity (imbalances) sitting to be taken out
→ There's a trendline as extra confluence which we respected from dating since MAY 23'
Trade
→ Intraday long trade opportunities until next resistance which is a break of the last range. It is also a 0.5 FIB retracement.
Your trading friend,
Simba Trades
Technicals
→ We confirmed a breakout from a trading range we sat on for days/weeks.
→ We came at a key zone where we bounce.
→ We had 5 days red/bearish with some strong candles. The market needed a retracement.
→ We have a lot of liquidity (imbalances) sitting to be taken out
→ There's a trendline as extra confluence which we respected from dating since MAY 23'
Trade
→ Intraday long trade opportunities until next resistance which is a break of the last range. It is also a 0.5 FIB retracement.
Your trading friend,
Simba Trades
Lets also see what we will see on the GAP