Commodities | Oil | Sellers Setting Up For Further Downside?
| Today’s focus: Oil | |
| Pattern | 1st Leg Pull Back |
| Possible targets | 72.75 |
| Support | – |
| Resistance | – |
After Friday’s strong move lower, could we see further selling before oil stabilises after last week’s firm rally back to the $80 Handel? That’s the question I am asking in today’s video, and if we do see further selling, we will also be looking for signs that buyers are looking to form a new continuation higher, maintaining the first leg break out.
TradingView Video Analysis
Oil D1 Chart
https://www.tradingview.com/chart/USOUSD/5kRY0loZ-Oil-Sellers-setting-up-for-further-downside/
Have a great day and good trading.
* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.
Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.
Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.