Bearish outlook on oil, expecting price to move down to 40.36 this month and maybe even lower.
Oil has been on a down trend on the D1 chart, making lower lows and lower highs. At the beginning of the month price came off MM3 and the projected target is 40.36 and if this happens we will have made a lower low indicating that oil could go even lower, only time will tell but i will be prepared.
As a bear i want price to move up to role reversal or WM3 then i will look for opportunities to sell. right now stochastics is oversold so maybe we see it come up. this will allow bears to sell high which is want we want. So we will be waiting for price to move up so we can sell.
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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.