- November 3, 2020
- Posted by: cabana-admin
- Category: Forex Broker
General Overview: The current market situation is very low as the market players are no hurry to risk , the presidential election in us are ahead and investors usually try to escape from the all possible risk. The commodity also going low due of its moderate demand in the market. The sellers should make themselves ready for the negative momentum of the market. We can see that for pair the price growing potential is low as the bears are showing their aggression in the market. The oil market is very low due to the sensitive situation of coronavirus in Europe. On the other hand, its takes time to recover the growth rate of the economy as it gives negative influences on-demand and energies. The market current range is $36.775 as the market is falling towards the downside. The monthly position of the market is very low as the technical deadlines are going deeper.
Technical Analysis: The technical momentum of the market if set towards the sell-side. The bears are pulling the market downwards and making lower lows in the market. On the 28th of October, we can see the market is making the death crossover on the 4 hourly charts, hence it showing the potential of major sell-off. The market set for the bearish trend of the market. We can also see the market is forming the rounding top pattern on the chart given below, the price of the security will increase to new high, then steadily decreases from a resistance level. The price is continually falling towards its 35.10. The market is forming lower swings in the market, hence we can say that the seller should set for the sell-side.
the indicators scenario is also going bearish, as RSI is moving below the 50 levels showing the bearishness in the market. the MACD indicators is showing the strong bearish side as followed by negative momentum.
Trade idea : Based on the chart and studies above we would recommend selling the crude oil $37.00 target is $36 and $35 level with tight stop loss of $38.50 level.
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