The second Finlogix for today goes to Oil.

My analysis and trade plan last week has ended in another loss.

After holding the trade for 1 day and 1 hour, I am caught on the buy side liquidity again.

https://www.finlogix.com/analysis/20240305/oil-intraday-analysis-and-trading-plan-for-march-5-2024

After a quiet Monday yesterday, a long list of 12 US major economic data to watch for the week with the heavy ones like CPI month-over-month and year-over-year will be released tonight.

Markets will be subject for moderate to heavy volatility, Oil is not exempted.

Re-assessing Oil’s high timeframe candles:

Yearly Candle: Still a Green Spinning Top since last check

Monthly Candle: Last check is a Green Shooting Star now a Red Doji with a Growing Body

Weekly Candle: Previous close is a Red Body with Longer Head Wick current is a Green Doji with a Growing Body

Daily Candle: Previous close is Green Long Lower Shadow current is a Small Green Doji

The yearly candle has keep its revealed trading ranges. The monthly, weekly and daily candles are all in Doji formation suggesting for a next move either going down or up.

The awaited CPI figures tonight will be one of the catalysts in moving the Oil price.

Based on the latest swing high this month, we can see a new higher high above the 3-month resistance at 80. This supply zone got re-tested, yes but just mere buy side liquidations which caught my stop loss right away.

With the Dojis mentioned, Oil still wait for a real break-out. 

March’s high is actually just re-testing October 2023 low. A flipped support turned resistance so to speak.

Since the high this month, Oil formed a LH trendline which I’ve indicated buy side liquidity.

I should have placed the stop loss above 81 level to secure my last 2 short trade plans.

When I look on the 4H view, I admit Oil’s chart is quite challenging so I will focus on buy setups for now.

Definitely, I’m not going to buy nor sell current levels but wait for the key levels.

Oil Intraday Analysis and Trading Plan For March 12, 2024

Mar 12 2024

2