The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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Oil price is under pressure at the start of the week. Oil is trading around $90 and in the 4 hour chart price has entered the Kumo changing trend to neutral from bullish. Price is now trading below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The tenkan-sen has crossed below the kijun-sen (bearish). The Chikou span (black line indicator) has crossed below the candlestick pattern (bearish). If the current weakness in price is followed by a break below the cloud, then we will have a trend change in the near term. As we explained in previous posts, Oil price has most probably completed its upward move and a pull back is justified from current levels. Bulls should be cautious as Oil price is vulnerable to a bigger pull back.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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