Oil: Thoughts and Analysis
Today's focus: USOUSD
Pattern – LH after Trend Break
Support – 86.84 - 88.00
Resistance – 90.60
Hi, and thanks for checking out today's update. Today, we are looking at the USOUSD on the daily chart.
We are continuing to watch price after it broke the last trendline. So far, we have a new LH after the break, with price continuing to push lower in today's session.
Will we see further selling confirm the LH trend break pattern? Price will have to beat support to make this happen; otherwise, a new hold at support and break of resistance could suggest buyers are going to form a new leg up.
We will contnue to watch seller momentum today; also, check out the USDCAD, as it may try to make a new push higher, and Crypto, as it continues to push higher into the new week.
Good trading.
Pattern – LH after Trend Break
Support – 86.84 - 88.00
Resistance – 90.60
Hi, and thanks for checking out today's update. Today, we are looking at the USOUSD on the daily chart.
We are continuing to watch price after it broke the last trendline. So far, we have a new LH after the break, with price continuing to push lower in today's session.
Will we see further selling confirm the LH trend break pattern? Price will have to beat support to make this happen; otherwise, a new hold at support and break of resistance could suggest buyers are going to form a new leg up.
We will contnue to watch seller momentum today; also, check out the USDCAD, as it may try to make a new push higher, and Crypto, as it continues to push higher into the new week.
Good trading.
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