ridethepig | Oil Entering into Resistance

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📌 Oil - Election Positioning Map
ridethepig

Here we are approaching the strong 41.5x resistance, the same levels we have been tracking since calling an end to the v shapers rebound. OPEC now has the difficult task of provoking price into action, any manoeuvres on the supply side will not be able to offset the demand shock from further restrictions and lockdowns entering back into play. For those who remember the pre-covid chart, we are in a very similar environment:

ridethepig | Energy Overbought


Clashing forces on the supply side


For sellers here and now, the 41.5x represents a certain chance of setting up fresh shorts and attacking both the centre and the low in our map. It should be clear that we are in a dead cat bounce still from the initial knee jerk reaction flow. Expecting a test of the lows and $30 extensions before building a more solid basing formation. An extremely instructive example of how we can find openings in the chaos.



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First targets cleared ✅
Ghi chú
USDCAD also moving...

ridethepig | USDCAD Market Commentary 2020.10.28
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TP2 hit! ✅
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