XTIUSD

 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 .

XTIUSD Daily chart 22 December 2020
XTIUSD Daily chart 22 December 2020

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.

XTIUSD H4 chart 22 December 2020
XTIUSD H4 chart 22 December 2020

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.

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

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