FX.co ★ Volumetric oil analysis

Good afternoon, dear traders! I present to you the volumetric analysis of oil.

So, let's analyze the last days by bars:

Bar 1. The downward movement was without America. Moreover, the volume is very high. And the price falls into the zone of large volumes. Volume without America !!!!!

Bar 2. A bar of purchases without progress in price growth in relation to the previous price increase. The "tail" of sales indicates the presence of a seller. Waiting down.

Bar 3. Shopping bar. The volume is still high. The seller showed himself poorly. The price began to resume sales, but the closing of the day is even higher, from where the expectation of resumption of sales was.

Then the question is - why, after such a strong Bar 1, the price has not resumed sales for 2 days already? It is worth noting that Thursday and Friday of the previous week were a weekend for America. And on Monday, America began to trade in the shopping area at 55.00 after Friday's collapse. That is, prices are clearly not favorable for the US for further sales.

Today, according to the news calendar, weekly oil reserves, during which there will be increased volatility of the instrument and, possibly, at this time there will be the main movement of the day to absorb last Friday.

H1:

A reminder that today, at 15:30 universal time, oil reserves in the United States will be released. If the Americans pump up a lot, the long scenario is canceled.

The analysis is based on the US oil futures.

Good luck in trading and follow money management.