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

Published: 17.06.2022
by Joseph Jeffriess

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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