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Analysis of #Oil
Hello friends,
The oil market has been on an upward swing and becoming very rich, if you look at the Weekly RSI it is showing a very high level that only been seen before crashes.
I am expecting to start hearing from the OPEC+ about production increases, which at least some members will talk about.
Also considering where we are now in the Covid cycle and unemployment rates, quarantines, the oil price is very high.
Can the oil continue higher from here?
yes it can, but in my experience, big traders will start dumping soon, the question is where the big money will start taking profits.
Can we down now?
not yet, we are still in an uptrend, and until we have broken at least one swing to the downside I can not consider selling,
I have been only watching from the sideline and will continue to do so
Keep an eye on the chart if you trade oil.
let me know in the comment what pair you want to see the analysis for in my next free analysis
Safe trading everyone
Check today analysis below⠀
_____________________________________________________________________________⠀
-disclaimer: this information is not a recommendation to buy or sell. It is to be used for educational purposes only⠀
-⚠ please note this is just a prediction and i have no reason to act on it and neither should you
Analysis of #Oil
Hello friends,
The oil market has been on an upward swing and becoming very rich, if you look at the Weekly RSI it is showing a very high level that only been seen before crashes.
I am expecting to start hearing from the OPEC+ about production increases, which at least some members will talk about.
Also considering where we are now in the Covid cycle and unemployment rates, quarantines, the oil price is very high.
Can the oil continue higher from here?
yes it can, but in my experience, big traders will start dumping soon, the question is where the big money will start taking profits.
Can we down now?
not yet, we are still in an uptrend, and until we have broken at least one swing to the downside I can not consider selling,
I have been only watching from the sideline and will continue to do so
Keep an eye on the chart if you trade oil.
let me know in the comment what pair you want to see the analysis for in my next free analysis
Safe trading everyone
Check today analysis below⠀
_____________________________________________________________________________⠀
-disclaimer: this information is not a recommendation to buy or sell. It is to be used for educational purposes only⠀
-⚠ please note this is just a prediction and i have no reason to act on it and neither should you
