OIL PRICE EXPECTATION FOR JUNE 2019
Updated
Entering a new month - expecting an overall downward pressure on prices. The market has retraced already beyond 50% of the last uptrend, and would expect to see some profit taking at 61.8% level.
Expectations %
June bullish: 20%
June bearish: 40%
June ranging: 40%
**Please note the above material is for educational purposes only and not suitable for advise or for use of trading decisions**
Expectations %
June bullish: 20%
June bearish: 40%
June ranging: 40%
**Please note the above material is for educational purposes only and not suitable for advise or for use of trading decisions**
Note
Having revisited this study - I have seen the 61.8% level was a buy region. The month of June kept trading in the expected trading range between 50% and 61.8% until the 19th, which was then followed by the strong rally. The 61.8% was tested a few more times - wonder if there is a next time: will sellers manage to sell through it?
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.