Hello reader, I see an entry opportunity in US OIL commodity. The current price is forming an attractive price pattern and reaction for today's chances until April 27, 2018.
See US OIL in the following Daily Chart:
In the chart above, the price has now formed a new high level (Higher High) which still requires further confirmation of any price reaction, either inside or around the highest daily price (red box). Strong pressure to one direction and Volume this week will be the beginning of a potential confirmation.
For the week's entry reviews, let's look at the US OIL in the following 4-hour chart:
Let's analyze the image above for our best entry. I have determined the following Support and Resistance.
Levels: Resistance2 (R2): 70.31 Resistance1 (R1): 68.78 Support1 (S1): 67.43 Support2 (S2): 65.92 Based on the picture above, the price moved lower at the end of last week. The price reaction between the levels of R1 and S1 this week will determine how much buyers and Sellers interest in forming the latest price level for the medium term. In a technical standpoint, the price is still above the EMA200 line, so be alert of a potential strong rebound if the price gets a back-sell trial this week.
We can observe it from the price reaction to the Fibo Retracement levels that have been mapped in this analysis. If prices do not experience an attractive refusal around each level, then this could indicate Seller's high interest in price. Therefore, stay alert and focused.
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