Oil is trading nicely between 2 of my weekly levels:
1) Formed a nice descending channel giving multiple selling opportunities
2) No reason to long this security at the moment
3) Macro Economics including the frustration between Saudi Arabia and Iran is bearish news
4) Possible 29-26 bottom in the next 6-12 Months
5) Overall target is -0.5 or 1.5 Fibonacci extension to next key level.
The key to this pair is to be patient and exploit momentary strength by selling rallies short term or waiting for Counter trend line breaks.
DXY analysis and USDCAD relational analysis suggested for help. React to the price, do not predict it!
1) Formed a nice descending channel giving multiple selling opportunities
2) No reason to long this security at the moment
3) Macro Economics including the frustration between Saudi Arabia and Iran is bearish news
4) Possible 29-26 bottom in the next 6-12 Months
5) Overall target is -0.5 or 1.5 Fibonacci extension to next key level.
The key to this pair is to be patient and exploit momentary strength by selling rallies short term or waiting for Counter trend line breaks.
DXY analysis and USDCAD relational analysis suggested for help. React to the price, do not predict it!