USOIL - WEEK 9
At this moment in time it is absolutely pointless mapping any form of technical analysis on the likes of WTI, Gold and other pairs due to the heart breaking situation ongoing in eastern Europe. Everything written up regarding SWIFT has now happened (It was no surprise as it was the only way for the outside world to cripple Russia without war). This war has the potential to last for months causing chaos in the FX, crypto and stock market.
When the market opens we can expect large gaps in all areas so I will not trade Monday whilst the market catches up with itself. I will not go to deep into technicals because at this stage they have no validity. I have marked two dipping zones for WTI which I would be interested in taking longs from but I would be surprised if we even saw a dip. I expect WTI to enter back within the $100 per barrel in the near future.
From here out, it is simple///
Prolonged conflict, sanctions and negative reports will cause bullish impulses in WTI BUT on the other hand.
A break from conflict, sanctions lifted and positive media reports will cause bearish impulses on WTI.
At this moment in time we are all trading fundamentals rather technicals.
At this moment in time it is absolutely pointless mapping any form of technical analysis on the likes of WTI, Gold and other pairs due to the heart breaking situation ongoing in eastern Europe. Everything written up regarding SWIFT has now happened (It was no surprise as it was the only way for the outside world to cripple Russia without war). This war has the potential to last for months causing chaos in the FX, crypto and stock market.
When the market opens we can expect large gaps in all areas so I will not trade Monday whilst the market catches up with itself. I will not go to deep into technicals because at this stage they have no validity. I have marked two dipping zones for WTI which I would be interested in taking longs from but I would be surprised if we even saw a dip. I expect WTI to enter back within the $100 per barrel in the near future.
From here out, it is simple///
Prolonged conflict, sanctions and negative reports will cause bullish impulses in WTI BUT on the other hand.
A break from conflict, sanctions lifted and positive media reports will cause bearish impulses on WTI.
At this moment in time we are all trading fundamentals rather technicals.
