WTI Crude Oil Breaks Lower From Range

Direct from the desk of Dane Williams.

It's finally Saturday in Asia and forex markets are once again closed.

I want to use this morning's blog to talk about a chart that's sort of been forgotten since the initial coronavirus panic drop - That of Oil.

WTI Daily:

After WTI finally filled its gap, price has spent the last three months just range trading sideways along the zone.

Well, until today that is.

With the USD seeing a bit of support across the majors (this one is for another blog early next week), the inversely correlated Oil price has taken a hit.

Right out of our higher time frame resistance zone, with a nice little intraday retest thrown in for good measure (you can check this one out on the hourly yourself.)

I've left this one for a simple Saturday morning blog because there's no way I'm actually going to short a highly OPEC manipulated market like Oil.

I mean, that would be as crazy as risking your money in Steem right now!

Yeah, I went there. Have a great weekend team!

Best of probabilities to you,

Dane.