USOUSD OIL, Yesterday’s buyer fightback to push a new leg higher?

June 17, 2022
by Joseph Jeffriess, Market Analyst

Thanks for tuning in, readers. Today we’re looking at USOUSD oil and wondering if yesterday’s price rejection could lead to a new leg higher from buyers.

So far this week, we have seen mixed trade with buyers coming close to breaking last week’s high before sellers took hold and set up a two-day retracement. It would have been three, but buyers had other ideas yesterday, stopping sellers once they tested 112.75. Buyers quickly took price back up above 117 and posted a higher close for the session.

Today so far price has been on the quieter side. If we can see a new move above yesterday’s high, we will be looking for a new up leg, but if sellers can close below 115.14 this could be a warning that the current retracement could have further to go.

If we do see a new leg higher would look for price to possibly get back into the 120/21 area if buyers can maintain momentum.

Happy Friday, all. We hope everyone has a lovely weekend and good trading.

USOUSD D1 Chart (please see below for our analysis video powered by TradingView)

USOUSD Analysis Video

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