Oil has been in a down trend for quite a while now making a series of lower lows and lower highs. Being a bear on Oil i would like to see it move down to 43.12 which is this weeks target for bears but before it gets down there one would like to see price move up to WM3 (45.89) and look for an opportunity so sell up there, this area is also a role reversal. Plan B would be to sell up at 47.28 which is the bulls target for the week according to pivot point theory. But i will be cautious if price does break WM3 and moves further up because it could mean things are starting to change and bears aren't dominating anymore
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About The Forex Analyst
Graduate in Bcom Human Resources Management. I am a full time Currency Trader and Market Analyst using technical and fundamental analysis, I have been trading in the Forex market since 2016. I am also a part time student at the University of Johannesburg studying Finance and Investment Management. I am always looking to learn and improve my skills as a professional, consistent and successful Trader & Investor for above average returns and a better understanding of the financial industry and financial markets.