WTI oil
daily timeframe.
Crude oil prices have been on a downward trend since reaching $126.35 per barrel, and have cycled between lows and highs since March 2022.
I believe selling has risen from the $72.63 to $74.36 demand-to-supply zone as the unit renews the lower end of $63.94 (May 4), a move that reaffirms the market’s bearish bias. Note that there may be scenarios where As you can see, this really took shape, with sellers showing a pretty strong look out of the zone. The question is whether sellers have enough gas in their tanks to shake hands with support from $62.36 above $63.94.
Another important observation on the daily chart is the resistance at $75.60 just above $72.63 to $74.36. In fact, this is what I call the decision point formed from $72.63 to $74.36 before it dips, and thus whipsaws north of the aforementioned area (and consuming the stop) to $75.60. A move could be enough to trigger a stronger and more meaningful downside move. Time will tell. Either way, it’s still a bear market at the moment, and it’s trending towards new lows.
XAG/USD
daily timeframe.
As previously mentioned, XAG/USD has explored the south side of the neckline ($24.51) of a double top pattern formed around resistance at $25.85. As can be seen from the chart, the sellers remain determined to explore deeper waters and test the strength of the nearby support that formed as the long-term trendline resistance turned to support from the $30.14 high. , followed immediately by a double top pattern. The target profit is $22.89. It is possible that the neckline retest could still unfold, but it is unlikely to happen before the aforementioned trendline support is touched.
However, I made it clear in my previous article that this market trend is similar to that of gold: heading north. Therefore, testing the space seen between the trendline support and the pattern’s profit target (circled) could be a sufficient technical floor to encourage short covering as well as dip buying. there is.
Chart: TradingView
Last Week’s Report: Daily Report: GBP/USD Targets $1.25 Break … Read More
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