OIL went through its biggest monthly drop ever and is now trading near the 20$ monthly demand zone.
We have seen the market reacting to this area creating a new daily demand zone.
WHAT'S NEXT:
The market retests the new daily demand zone (red box at 21$), and we see a price transition on Lower TF:
- We could potentially have a buy biais but please, manage your risk as the momentum is still strongly bearish. Target would be at the last daily supply 33$.
- If we remove the daily supply, we will retest the 41$ weekly supply.
The market retests the new daily demand zone, but we don't see price creating strong bullish reactions on LTF:
- Be careful as the market could enter into a ranging phase before bouncing up. In other words, the market would have no direction at all.
The market breaks through the monthly demand zone:
- Bearish market continues with the next level at 13$.
In any cases, we already have seen a strong drop, so be careful if you consider to keep selling. The market could react super bullish to any small positive news.
Trade safe,
AT
We have seen the market reacting to this area creating a new daily demand zone.
WHAT'S NEXT:
The market retests the new daily demand zone (red box at 21$), and we see a price transition on Lower TF:
- We could potentially have a buy biais but please, manage your risk as the momentum is still strongly bearish. Target would be at the last daily supply 33$.
- If we remove the daily supply, we will retest the 41$ weekly supply.
The market retests the new daily demand zone, but we don't see price creating strong bullish reactions on LTF:
- Be careful as the market could enter into a ranging phase before bouncing up. In other words, the market would have no direction at all.
The market breaks through the monthly demand zone:
- Bearish market continues with the next level at 13$.
In any cases, we already have seen a strong drop, so be careful if you consider to keep selling. The market could react super bullish to any small positive news.
Trade safe,
AT
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