For a certain period of time, we saw the XTIUSD move bullish and break past the previous higher highs. In the previous analysis (https://fxsits.com/the-oil-price-action-shows-promising-bullish-action/). Price traded at level 45.74 before breaking past level 46.69. where it moved as high as 49.33 . Where the XTIUSD finds resistance .
In todays chart Both daily and H4. You will notice how price has drastically plummeted bearish. You will also notice how it trades towards. Our previous higher high which was set at level 46.69. Now we tend to wonder . Will the XTIUSD finds support at this level? Or will it continue plummeting bearish.
Our analysts believe that there could be very high possibilities that price could continue its bearish run. We think that if level 46.69 is broken this could leave level 43.83 exposed. Therefore there are high probabilities we could see price trade up until there. It is at this level we think that price may struggle to break and possibly find support.
With price currently trading at level 47.00 at the time of this writing. We can only wait and see for the right entry signal . We slowly watch how price performs.
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