Did the 🏦Banks get you in 🟢LONG OIL?

Based on the Commitments of Traders data reported on: March 8th 2022


#GOLD weekly supply taken out with institutional trading but the weekly uptrend is not of the highest quality. We witnessed a major decline in price after the major rally. Headlines are responsible for these moves and therefore many longs are getting hurt real bad. Our analysis is leading us to suspect that more hurting is coming.


On the 3 month chart, we have always mentioned how we had a 3 month bearish engulf that was formed and that we should keep an eye on that. Why? Because bearish engulfs typically signal a bearish move until a demand is contacted and with this chart only a switch zone was contacted. Maybe the switch zone is enough?


#OIL major decline in price took place this past week. This was what we were warning about. They did an amazing job getting traders to get into massive long positions as price continued to move higher. Goldman Sachs even came out and gave a forecast for #OIL to head to $200 and because some of the forecasts came true, confidence in a move higher was at a peak, major positions were put on.


$EURUSD price is staying near the lows for now which is a good sign is price should continue lower longer term. We are testing the tested monthly demand zone again and I have an alert set if price penetrates deeper than the previous low test, if so I suspect we’ll see price remove the monthly demand in time. This will open the chart for a move much lower.


#USD monthly supply is being penetrated through but we still should wait to see how this month’s candle closes. If the weekly chart can add anything here it is that we can see the weekly candle closed above the monthly distal line which leads us to suspect that the monthly supply will be removed.


$BITCOIN new weekly demand was formed and price dropped into it and on the daily chart a new demand was formed off the reaction to the weekly and within this new demand a 4H demand was formed and price is sitting inside this zone for now. Will this propel price higher?


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