Greetings, dear traders, I present to your attention a volume analysis of oil futures, which you can easily implement.
The expectation was a breakdown of the maximum of 57.88 as a weak seller since a test of US stocks took place since last week, which did not give further downward movement.
Last Friday (11/08/19), the pin-bar of purchases in the trend-up was not confirmed on Monday of the current week, because the price closed below the pin-bar of purchases as well as at a reduced volume, which indicates the absence of a buyer in the pin-bar.
Yesterday, the absence of the buyer was confirmed, because it could not raise the price up again and the day closed even lower. On the other hand, the decline in oil took place during Trump's evening speech and took place at good volumes.
Most likely, the price will go to lower prices. Over the past 3 days, all buyers could leave with a minimum of the pin-bar of purchases of 55.76.
Waiting down.
Price levels are presented with the futures of American oil. Now, moving to the levels relative to the bodies of the candles should be considered.
Good luck in trading!
The material has been provided by InstaForex Company - www.instaforex.com