Based on the Commitments of Traders data reported on: October 26th 2021
#GOLD Weekly chart continues to range and the bottom line is we need a weekly uptrend to form to enter long otherwise we wait. On the other hand monthly chart shows evidence that demand might break and cause a drop lower.
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.
#OIL Weekly uptrend formed and now the chart is signaling for long trades. As long as weekly trend holds we expect targets at 92.05 to be reached.
#OIL Daily chart: We can see that there is substantial supply on the daily chart at 84.73 so this should be taken into consideration for any long trades that are open.
$EURUSD Monthly demand was removed and now we have the weekly downtrend engaging for a move lower.
The daily chart needs weekly supply to be in play to short or daily demand out. (Weekly supply in play)
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