After oil had reached the monthly target at 44.80 (MS2) we saw it move up and now we are currently in the fib level where bears are going to be looking for an opportunity
price action moved from MS2 and now below MPP which is a place where bulls that took counter trend trades at the beginning of the month would look to take profit and bears would want to enter.
On the H4 chart we reached the weekly bullish target and started to see price move down. Bears are watching this and will look for a pull back and sell
on the H1 we can see a double top and a lower low at 48.44. so now as a bear i am going to wait for price to move up to 48.9 (role reversal and fib level) and go short on oil.
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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.