Direct from the desk of Dane Williams.
While it wasn't that long ago we had sub $20 oil prices, the Saudis have allowed the commodity to claw its way back up to the original break down level.
Take a look at where price has found resistance again on the daily below.
WTI Daily:
That's gap filled and certainly a higher time frame resistance zone to use for direction if you're so inclined.
But if I'm being honest, I still wouldn't touch Oil markets with a ten-foot pole. They're just way to manipulated and susceptible to single, completely untrustworthy states.
Do you trade the Chinese Yuan? Of course not, because there's no way to manage your risk and you leave yourself totally exposed to the will of the CCP.
Well, Oil markets are exactly the same, thanks to the Saudis. I mean talk about picking your poison, right? They just have too much control for it to be worth trading.
Electric cars can't come soon enough...
Best of probabilities to you,
Dane.
FOREX BROKR | Hive Blog
Higher time frame market analysis.