Monday. Crude oil falls under pressure
Updated
Crude oil prices remained weak in Asian trading on Tuesday and are currently trading around 72.6. During the day, we will pay close attention to the US PMI to be released later on Tuesday. Later this week, the Federal Open Market Committee (FOMC) meeting minutes will be closely watched ahead of Friday's U.S. non-farm payrolls (NFP) report.
The crude oil market was at 73.67 at the beginning of last week. Afterwards, the market initially rose, reaching a weekly high of 76. Then the market fell back strongly, with a weekly low of 71.05. Afterwards, the market consolidated and finally closed at the end of the week. The line was at 71.12, and then the market closed with a big negative line with a long upper shadow line. After this form ended, crude oil continued to be under pressure. In the 4-hour chart, the pressure on the 76.30 line changed and fell, and the structure fell in a wave. It is still in the rebound trend. The Bollinger Bands are running below the middle track, and the middle track 73.5 is an important resistance point.
Personal suggestion: short on rebound; WTI dividing line: 73.5
The crude oil market was at 73.67 at the beginning of last week. Afterwards, the market initially rose, reaching a weekly high of 76. Then the market fell back strongly, with a weekly low of 71.05. Afterwards, the market consolidated and finally closed at the end of the week. The line was at 71.12, and then the market closed with a big negative line with a long upper shadow line. After this form ended, crude oil continued to be under pressure. In the 4-hour chart, the pressure on the 76.30 line changed and fell, and the structure fell in a wave. It is still in the rebound trend. The Bollinger Bands are running below the middle track, and the middle track 73.5 is an important resistance point.
Personal suggestion: short on rebound; WTI dividing line: 73.5
Trade active
Note
Fortunately, today’s signal has 0 losses✅✅✅Trade active
Note
A new day begins, I wish you all good luck
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.