Note On Charts: It’s imperative to your trading success that you are trading with a broker that offers ‘New York Close Forex Charts‘, (a true 5 day chart that aligns with the New York Close).
Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
CRUDE OIL – Bearish Pin Bar Signal Forms Under $57.50 Resistance
Relevant Key Levels: Support at $51.20, $54.00 to $55.00. Resistance $66.60, $63.50, $60.30, $57.50.
Price Action: Bearish Pin Bar forms mid this week, right under $57.50 resistance. Price recently re-tested the event area resistance around the $57.50 to $60.20 area and rejected lower. Pin Bar + Inside Bar breaks up late last week (didn’t trade as counter-trend). A giant bearish fakey setup triggered several weeks from the same event area resistance near $57.50.
Current Notes: The bias is bearish whilst prices remain contained beneath the $57.50 to $60.20 resistance area. Price had collapsed lower several weeks ago after testing the $60.20 resistance zone.
Potential Trade Idea: We will consider selling short on any pockets of strength whilst prices remain below the $57.50 to $60.20 resistance area (market moved into this key resistance area recently and collapsed again), targeting a move back to $54.00 and then $51.00.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
EURUSD – Inside Bar Setup Could See Prices Break Lower
Relevant Key Levels: Resistance at 1.1280, 1.1325, 1.1430 and 1.1570. Support 1.1110 and 1.1020’s.
Price Action: An Inside Bar forms mid this week, a breakdown would be bearish. Market broke down from the Multiple Inside Bar pattern last week. A bullish pin bar formed at the 1.1000 support level previously (not trading as against the trend).
Current Notes: There is strong ‘event area’ resistance around the recent Inside Bar cluster where prices broke down from around 1.1180 to 1.1280. The short term bias remains bearish as prices remain contained below 1.1280 resistance.
Potential Trade Idea: We will consider selling short on any pockets of strength whilst price remains below the 1.1180 to 1.1280 resistance area (event zone resistance), targeting a move back to the 1.1100 level, and potentially to 1.1020’s.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
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