CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.09% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

76.09% of retail investor accounts lose money when trading CFDs with this provider.

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


* 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.