17.02.202315:43 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Oil for February 17th, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Oil price is trading around $76 and is very close to providing a new bearish signal. Price was trading inside the Kumo (cloud) for the last 8 sessions. Bulls were unable to break above the cloud resistance. Price is now trading below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen and kijun-sen provide resistance is at $77.50. A daily close below the Kumo (cloud) would be a bearish sign. Bulls need to re-enter the cloud, otherwise price will remain vulnerable to more downside.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.