This is the DAILY FRAME for the USOIL ANALYSIS:
MARKET DIRECTION: SELLER MARKET
MARKET STRUCTURE:Price has broken down creating Lower Low
—————————
price sliced through a previous support level at 65$/ barrel with price closing at 62$/barrel on FRI.
-Price is near a support lvl of the 3 month range so expect bullish momentum to come into the market
-the DOLLAR closed on Friday making new YTD highs and a strong bearish candle formation at a resistance.
———————-
Will wait to enter SELLERS positions once price creates NEW LOWER HIGHS ON THE DAILY expecting a retest of 65$ and reject a fib lvl 62,71, or 79.
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INVALID ANALYSIS
Setup become invalid once 70$/barrel is exceed.
MARKET DIRECTION: SELLER MARKET
MARKET STRUCTURE:Price has broken down creating Lower Low
—————————
price sliced through a previous support level at 65$/ barrel with price closing at 62$/barrel on FRI.
-Price is near a support lvl of the 3 month range so expect bullish momentum to come into the market
-the DOLLAR closed on Friday making new YTD highs and a strong bearish candle formation at a resistance.
———————-
Will wait to enter SELLERS positions once price creates NEW LOWER HIGHS ON THE DAILY expecting a retest of 65$ and reject a fib lvl 62,71, or 79.
——-
INVALID ANALYSIS
Setup become invalid once 70$/barrel is exceed.