Oil Market Focus 🤠🤠 - Oil Trade Update
Afternoon, afternoon!
It’s Saturday morning in Sydney so with markets closed, I’m just going to run another trade update similar to yesterday’s offering.
Yesterday’s cable short trade was an absolute ripper, but today’s Oil (missed) long, might just be best described as a heartbreaker.
Let’s go!
Market Overview
The biggest overnight talking point has been around Oil, putting the commodities market firmly in play. Just what we wanted to see after highlighting a possible oil long trade setup on the blog a couple of days ago.
I’m going to go into more detail about Oil below but we also have had our old friend Kim Jong Un talking about so called denuclearisation. But it now seems that this has in fact been misinterpreted and it’s in fact more brevado and even arrogance from the rogue state which can just as easily explode (pun intended) once more.
Now being on Steemit, we can’t ignore the fact that crypto markets are still on a tear. With markets across the board initially interpreting the North Korean headlines as risk on, crypto initially ripped, but has pulled back now that the interpretation consensus seems to have changed.
Another clear answer to the market correlation question that we’ve been pondering over lately.
Commodities Markets
As promised above, I’m all about oil today, with focus on an update of our potential oil long setup we spoke about the other day.
OPEC and the Saudi’s have been talking about driving prices up and Trump hasn’t missed the news:
But OPEC are a monopoly and monopolies get what monopolies want so it looks like there is further upside in the market.
As you can see on your charts, oil markets have risen pretty consistently in a nice trend, just tracking that bullish trend line and then forming a nice triangle at the top where we are now.
This is what we had spoken about, but we wanted price to pull back before hitting the buy button. Take a look at my thoughts from that blog:
OIL Daily
A nice ascending triangle breakout!
I’m waiting for a retest of the marked blue level and if the buyers show up, then it’ll be a nice long with a target of the weekly resistance zone.
Well it looks like I might be waiting for a while...
OIL Daily Updated
Missed by that much!
Gah, I’m sure some of you jagged another near drawdown free entry, but I unfortunately just missed out.
Gotta take the good with the bad and most importantly stay disciplined. That’s trading.
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
Instagram: @forexbrokr
Welldone
I’m literally saying I just missed out though. You sure you’re not a copy paste spammer?
I don't copy any content bro.
Why I'm spammer?😭
You wrote a 2 word generic comment that had nothing to do with the content of the post, included a grammatical error and hit it less than a minute after it was published.
Try to add value to steemit by discussing the content of the posts you comment on and don’t upvote all your own shitty comments that are clearly spam.
well, be patient. maybe next week the price will come down to test your blue box again.
wait for the price to come to your entry rather than chase the price. :)
Thanks man. We’ll see what price gives us.
patterns bro, everybody sees patterns. It will be H&S forming first and the sell off coming
i really dont know how to use the fundamentals in trading the market, i still am looking at stocks as my next line of trading. but i am not so sure i will be trading it in real time until i am done with a particular trading plan that i have mapped out for the year, pleass @forexbrokr do you combine the fundamentals with tactical's when you trade trade the stock market? because i can see a brief insight from your post on oil talks and and recent actions taken by the 'rogue nation number one person' afterwards you highlighted a key zone where oil price will retrace to and the continue its journey.
good job anyways.