To end my Wednesday analyses, I’m adjusting my Oil insights and trade plan.

In yesterday’s price action, Oil broke out towards the January 31 CoCH completely retracing it and printed a fresh 14-day high even after a stronger CPI figures came out.

It seems the Oil has its own market trend disrespecting DXY.

In the process, my sell order’s stop loss got caught. A recap of Monday’s trade:

https://www.finlogix.com/analysis/20240212/oil-intraday-analysis-and-trading-plan-for-february-12-2024

When we look at the charts again, price is inching closer to the nearby $80 3-month resistance.

However, I am still bearish unless Oil buyers breaks the 3-month resistance trendline and close the week above it.

At press time, price is still trading way above the bullish 4H FVG and yet to be retraced fully until Oil finds a solid nearby resistance that could start a selling rally.

The Intraday high already been printed creating a lower high from yesterday’s peak but I doubt yesterday’s high might be re-tested. If it forms a double daily top pattern, this can be my hint for a sell order.

Re-assessing Oil’s high timeframe candles:

Yearly Candle: Still a Green Spinning Top

Monthly Candle: Yesterday was a Long Legged Semi Doji now a Small Green Hammer

Weekly Candle: Yesterday was a Small Green Spinning Top now a Small Green Body

Daily Candle: Previous close is an Inverted Green Hammer and current is a developing Small Green Shaven Head

There’s a developing uptrend in Oil but before we talk more about it, remember the elusive $100 mark again as the main resistance.

For now, I focus on the $80 resistance. If today we see a rejection in yesterday’s high, then my short order placed at $78.20 mark is triggered. I put a wide stop loss on this at $80.14 (3-month resistance) and the potential Order Blocks I mentioned on Monday's analysis is still the take profit level for an estimated 2.32 risk:reward score.

Whatever the result in tonight’s Crude Oil Inventories economic report at 11:30PM (GMT+8) might impact price action.

Oil Intraday Analysis and Trading Plan For February 14, 2024

Feb 14 2024

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