By ForexTime
The global commodity is up almost 2% this week thanks to geopolitical tensions, Iraq’s pledge to cut crude exports, and the American Petroleum Institute (API) reporting a fall in US crude stockpiles.
Watch this space because more volatility could be on the cards due to the incoming Energy Information Administration (EIA) report and highly anticipated Fed rate decision.
While the central bank is widely expected to leave rates unchanged, all eyes will be on the dot projection and Powell’s press conference for clues on rate cut timings.
The price almost reached a weekly resistance level. This might create a short opportunity on the lower time frames.
Free Reports:
On the 4-hour chart, an extended uptrend can be seen with a correction wave in progress. The price is close to the weekly resistance level and the manual trendline has been broken. The longer price cycle Moving Average Convergence Divergence (MACD) Oscillators is still bullish, but the signal line has been broken and this might hint at a possible overbought scenario. A market that is in an overbought state may well slow down and then a possible reversal can be on the books.
This will need to be confirmed by a lower top and then a lower bottom.
If this does happen, a possible scenario can be seen in the chart below.
When the price reaches the $81.25 level, a possible short scenario will become feasible.
Attaching a modified Fibonacci tool to the trigger level at $81.25 and dragging it above the weekly resistance level at $83.80, four conservative targets can be established:
If the price breaks past $83.80, this opportunity is no longer valid.
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
By Bedassa Tadesse, University of Minnesota Duluth The African Growth and Opportunity Act (Agoa) is…
By Jordan Frith, Clemson University Every vehicle built after 1981 has a unique vehicle identification…
By ForexTime USDSEK jumps on Riksbank cut Currency pair in megaphone pattern Key point of…
By JustMarkets The US stock indices traded mixed on Tuesday. The Dow Jones Index (US30) rose…
By RoboForex Analytical Department The USD/JPY pair is on the rise again this Wednesday, recovering more…
By Ino.com The Boeing Company (BA), a stalwart in aircraft manufacturing and services, has faced…
This website uses cookies.