Our Oil plays are still valid as discussed in my previous post on Oil. This includes the CAD pairs mentioned too (linked below)
We still have not gotten the break of the 52.00 zone as we ended the week, but I have been speaking about market structure on the daily, and how two swings generally is expected in a move.
We have a lot of confluences here on the 4 hour with a double bottom and now a head and shoulders type pattern giving us a potential higher low that we are awaiting.
Brent crude actually did break out albeit on a Friday, which is something I do not like because I do not want to hold positions over the weekend in this macro environment. Monday is a holiday so we will have less liquidity so we could see a volatile move, however, let us see if we get the pattern break. for USOIL.
Here is the chart for Brent:
We still have not gotten the break of the 52.00 zone as we ended the week, but I have been speaking about market structure on the daily, and how two swings generally is expected in a move.
We have a lot of confluences here on the 4 hour with a double bottom and now a head and shoulders type pattern giving us a potential higher low that we are awaiting.
Brent crude actually did break out albeit on a Friday, which is something I do not like because I do not want to hold positions over the weekend in this macro environment. Monday is a holiday so we will have less liquidity so we could see a volatile move, however, let us see if we get the pattern break. for USOIL.
Here is the chart for Brent:
