OIL and Post Payroll Price Action Based On Nov, Dec, Jan, Feb
November payroll was also small and was itself clearing a double top liquidity, then breaking down for the foreseeable weeks.
December Payroll price action was rather unusual. Payroll candle had small range and full and didn't change the price at all. It creates three drives pattern and fully clears the Thursday bottom by Friday when inflation news hits the market.
In January, the price continued lower against the direction of Payroll price action. It created Low on Monday and continued towards its High clearing it on the last day of the week (Friday).
The February Payroll candle was fully retraced. Liquidity is taken on the bottom (Monday) and the price continues higher (Tuesday ->)
My prediction for the oil price action is that it will first clear the liquidity to the downside. There are three relatively equal lows (outside liquidity) and also Fair Value Gap from higher timeframes as per my previous analysis.
This will setup the price to move higher eventually when supported by fundament (voluntary cuts). I don't think it will go as far as previous NFP range to bounce from it, but just in case I extended it towards this month. $WTI Crude Oil - main 2404(CLmain)$ $Micro WTI Crude Oil - main 2404(MCLmain)$
https://www.tradingview.com/chart/USOILSPOT/uzagden6-OIL-and-Post-Payroll-Price-Action-Based-On-Nov-Dec-Jan-Feb/
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
