From my last analysis on USOIL, I said only the price breakout the rising wedge formation then only allow us to look for the short opportunity. So, after a long time waiting, the price was broke below the wedge formation last week and now we can look for a short opportunity.
From the technical views:
1. From the weekly point of view, price is moving to the upside without any proper retracement and created a big W pattern, we can expect a deeper retracement onward and retest the middle of the W pattern as shown on the chart.
2. From the daily perspectives, the price just broke below the rising wedge pattern and retesting it, it is a sign that we can be looking for a short opportunity at the moment.
From the fundamental views:
1. Since oil is correlated well with the CAD, (if the demand for CAD is down, the demand of OIL also down) from the institutional perspectives, their interset on CAD is a huge shift to the bearish at the moment, the net position from 32k become -12k now and they have more short position than long positions in the short-term, so we can expect the weak CAD and drive the OIL price to the downside.
How to approach OIL?
1. Can looking for the short in the lower timeframe at the moment, if your rules of the strategy are fulfilled.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on USOIL or which pairs you would like to me analyze in the future.
From the technical views:
1. From the weekly point of view, price is moving to the upside without any proper retracement and created a big W pattern, we can expect a deeper retracement onward and retest the middle of the W pattern as shown on the chart.
2. From the daily perspectives, the price just broke below the rising wedge pattern and retesting it, it is a sign that we can be looking for a short opportunity at the moment.
From the fundamental views:
1. Since oil is correlated well with the CAD, (if the demand for CAD is down, the demand of OIL also down) from the institutional perspectives, their interset on CAD is a huge shift to the bearish at the moment, the net position from 32k become -12k now and they have more short position than long positions in the short-term, so we can expect the weak CAD and drive the OIL price to the downside.
How to approach OIL?
1. Can looking for the short in the lower timeframe at the moment, if your rules of the strategy are fulfilled.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on USOIL or which pairs you would like to me analyze in the future.