Depending on what happens between Iran and USA we could see Oil make bearish moves down to our BUY target zone but at the moment trading oil is like playing Russian roulette as Iran are looking for revenge for USA killing 2nd in command and the main way they can get at USA is through Oil, Now my guessing is that they are going to go and blow up a few Oil tankers in Saudi where most Oil is exported from, this will cause a slight shortage in Oil and as you should know with SUPPLY and DEMAND the less of something there is the more it will cost you to buy.
So if the above does happen then you can expect the price of Oil to go through the roof and not respect and technical levels at all, but if things settle down then this could be a lovely Buy opportunity when price reaches our buy zone.
Also if you are trading OIL you need to keep checking USD CAD also as they have a very strong reverse correlation.
If you have any questions feel free to message me.
So if the above does happen then you can expect the price of Oil to go through the roof and not respect and technical levels at all, but if things settle down then this could be a lovely Buy opportunity when price reaches our buy zone.
Also if you are trading OIL you need to keep checking USD CAD also as they have a very strong reverse correlation.
If you have any questions feel free to message me.