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The #USOIL price has broken through last month’s low suggesting the market could be moving into a retracement phase on the monthly upward trend. Could this see prices move lower?
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Crude Oil Analysis
The price of Crude Oil has broken through the previous month’s low suggesting a move lower could form in the market. In today’s trading session the USD has strengthened further with the price of the greenback on the USD Index breaking into new highs. This combined with the stock markets falling has seen risk off sentiment enter the market which would see a risk asset like OIL fall.
Taking a look at the bigger picture or the monthly time frame we can see that the price has broken the low, but also that the market is in an upward trend. The break of the low suggests the market could be moving into a retracement phase on the monthly upward trend, if that is the case we could assume that a downward trend could develop on a lower time frame until the price comes into a key level of support. The support on the monthly time frame could be last year’s highs where the price has reacted from in the plan.
Moving down the time frames to the 4hr we can see that the price has retested a previous swing high and formed a bearish reaction in line with the retracement phase. If that phase is going to continue we can expect the market to make a lower high and lower low until the price reaches the key area of support. If the price was to rally back to the previous area where sellers participated in the market we can look for short ideas around the same area.
Did you see our recent EURAUD? You can see it here.
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