WTICOUSDT(Crude Oil) make or brake Crude makes a fool of traders by giving a falls breakdown. Price respecting levels of the trend line. very important day for crud to trade because of today’s news/data reviling ceremonies. Why will crude react to the data/news in high volume?
Crude shows a shocking move by giving a falls breakdown of a bearish head and shoulder pattern and triggering stop-loss of traders rather than achieving targets as we analyzed in our previous analysis by the way which you can check out by clicking on the hyperlink or the document below. Anyways taking losses or enjoying targets/profits is just part and parcel of the game really what matters is how well we understand the market and trade accordingly. And in my experience when you analyse the market you can miss out on one or two minor ways to see or analyze the market which can eventually be the reason for the price to react at that point.
In the past 2-3 days the price has moved towards the $90 price mark which we analyzed as a “major supply zone”, respecting the levels of the trend line drown from the lowest point of the major fall (which can be seen in the 1day chart) with reference to the lowest point of the fall of first structure change (which you can conform in 1/2hour chart) which you can conform in the following image (image is in 2hour time frame)
Today is a very interesting day for crude and rather every other commodity and currency pair because of the news/data of Crude’s inventory @8:00pm, and the FOMC Statement @11:30pm. Crude is considered as a highly volatile counter and seems it is on a very interesting level looking at the date/news that is going to occur in today’s venue, which means the highest volatile counter with high volatility data can make a high volume trading session with a big range. Important things to remember are to mark important levels in the time frame you are comfortable trading in and make a view in which direction you think the market will make a move based on the previous analysis. Good luck with today’s session.
