Going forward, I will be including Oil on my analyses. I forgot to mention in my XRP analysis earlier that there will be a major economic news due on Tuesday, it’s the US Inflation data report.

I will be expecting markets to have wild trading volatility before and after the news.

Not so long ago, I made some decent short call for Oil.

https://www.finlogix.com/analysis/20220823/oil-bulls-facing-some-challenge-on-the-2360-fib-level

Checking Oil’s high timeframe candles first:

Weekly Candle: Previous close is a Large Green Body and current is a developing Small Green Spinning Top

Daily Candle: Previous close is a Green Semi Doji and current is a developing Small Green Spinning Top

Seeing these big timeframes, the $100 mark has become a clear psychological level since my previous analysis and it surprises me a lot that Oil has failed to re-test the 3-digit price. Well almost during September 2023 highs at least.

It’s already 2024 post-Covid (pandemic) era. Global markets have recovered and moved on. I think gone are the days of over $100 Oil price but I am not saying it’s impossible.

With OPEC doing an amazing job in controlling world’s Oil supply consistently, I think too that there will be no problem with running supplies both in the short and long run. There is a balanced Oil ecosystem I should say.

Let’s dig in to my trade plan for Oil now that I have a different trading method/strategy compared last time.

We have an obvious long term swing high and low points since March 2022 to May 2023. I am interested to see that the $80 mark has been acting as resistance for 3 months.

US dollar DXY index and US Oil charts are inversely inversely proportional to each other. The recent Greenback’s February 5th peak is the Oil’s dip. Whatever the outcome of the inflation figures this Tuesday will greatly impact Oil’s price short term.

I want to short Oil for possible intraday highs even if there’s a bullish 4H FVG that’s been pretty holding right now. I will set the buyback order (stop loss) based on external swing highs last January 31 CoCH. Taking profit on potential Order blocks just in case the newly formed bullish 4H FVG is broken with a 3 risk:reward score.

Let’s see how this new Oil analysis goes.

Oil Intraday Analysis and Trading Plan For February 12, 2024

Feb 12 2024

Stop Loss -1.15%

Holding time 1d4hr

76.553

Entry price

77.434

Stop loss price

1