Fundamentals:
Oil fell below $48 a barrel on Thursday, pressured by a stronger dollar and as a surprise increase in U.S. crude inventories. Oil came under pressure, as the minutes of Fed's meeting were too hawkish about interest rate increase.
Other mettals also came down.
Technicals:
Oil is in Bull Channel after break of major downtrend in the end of February. Still above all key moving averages. But I don't reccomend to chase and buy this one here, as we don't buy highs of bull channel. After reversal candle with top at $48.95, it followed through to the downside.
Trade management:
There is still room to the downside with Risk/Reward 1:1. My first target is trend line and 21 EMA at $45.15. Then, if it breaks down, we can see $43.20
Oil fell below $48 a barrel on Thursday, pressured by a stronger dollar and as a surprise increase in U.S. crude inventories. Oil came under pressure, as the minutes of Fed's meeting were too hawkish about interest rate increase.
Other mettals also came down.
Technicals:
Oil is in Bull Channel after break of major downtrend in the end of February. Still above all key moving averages. But I don't reccomend to chase and buy this one here, as we don't buy highs of bull channel. After reversal candle with top at $48.95, it followed through to the downside.
Trade management:
There is still room to the downside with Risk/Reward 1:1. My first target is trend line and 21 EMA at $45.15. Then, if it breaks down, we can see $43.20
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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.
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.